E7-2 (Algo) Determining the Correct Inventory Balance [LO 7-1, LO 7-2, LO 7-4] Seemore Lens Company (SLC) sells contact lenses FCB destination. For the year ended December 31 , the company reported Inventary of $7,000 and Cost of Goods Sold of $422000 a. Included in inventory (and Accounts Payable) are $10,200 of lenses SiC is holding on consignment. b. Included in SIC s inventory balance are $5,100 of office supplles held in SLCs warehouse. C. Excluded from SLC.s Inventory balance are $8.100 of lenses in the warehouse, ready to send to customers on January 2 . SIC reported these lenses as sold on December 31 , at a price of $15.200. d. Included in SLC's Inventory balance are $3,050 of lenses thot were damaged in December and will be scrapped in January, with zeto realizable value. Required: Prepare the table showing the balances presently reported for Inventany and Cost of Goods Sold, and then displaying the odjustment(s) needed to correctly occount for each of items (a) (d), and finally defermining the appropriate Inventory and Cost of Goods Sold balances. (Enter any decreases to account balances with a minus sign.)