E7-2 (Algo) Determining the Correct Inventory Balance [LO 7-1, LO 7-2, LO 7-4] Seemore Lens Company (SLC) sells contact lenses FOB dostination. For the year ended December 31, the company reported inventary of $81,000 and Cost of Goods Sold of $442,000, a. Included in Inventory (and Accounts Payable) are $12,200 of lenses SLC is holding on consignment. b. Included in SLC's inventory balance are $6,100 of office supplies held in SLC's warehouse. C. Excluded from SLC's imventory belance are $9.00 of lenses in the warehouse, ready to send to customers on January 2 . SLC reported these lonses as sold on December 31 , ot a price of $17,200. d. Included in 5LC 's lnventory balance are $3,550 of lenses that were damaged in December and will be scrapped in January, with zero realizable value. Required: Prepare the table showing the balances presently feported for inventory and Cost of Goods Sold, and then displaying the adjustmentis) needed to correctly account for each of items (a)-(dal. and finally determining the appropriate inventory and Cost of Goods Sold balances. (Enter any decreases to account balances with a minus sign.)