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 destination, For the year ended December 31, the company reported inventory of $74,000 and Cost of Goods Sold of $428,000. a. Included in linventory (and Accounts Payable) are $10,800 of lenses SLC is holding on consignment. b. Included in SLC's inventory balance are $5,400 of office supplies held in SLC's warehouse. C. Excluded from SLC's imventory balance are $8,400 of lenses in the warehouse, readly to send to customers on January 2 . SLC reported these lenses as sold on December 31 , at a price of $15,800 d. Included in SLC's Inventory balance are $3,200 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 reported for Inventory and Cost of Goods Sold, and then displaying the adjustment(s) needed to correctly account for each of items (a)-(c) and finally determining the appropriate inventory and Cost of Goods Sold bolances. (Enter any decreases to account balances with a minus sign.)