E7-2 Determining the Correct Inventory Bolance LO 7-1, LO 7-2, LO 7-4) 10 points Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $88.000 and Cost of Goods Sold of $456.000 a Included in Inventory land Accounts Payable) are $13.600 af lenses SLC is holding on consignment b Included in SLC's Inventory balance are $6.800 of office supplies held in SL.C's warehouse c Excluded from SLC's Inventory balance are $9800 of enses in the warehouse, ready to send to customers on January 2 SLC Print reported these lenses as sold on Decembe: 31, at a price of $18.600 d Inciuded in SLC's Inventory balance are $3.900 of lenses that were damaged in December and will be scrapped in January, wth zero realizable value. Goods Sold, and then displaying the ly determining the appropnate Inventory and Cost af Required Prepare the table showing the bal ances presertly reported for inventory and Cast of acjustmen Goods Sold balances. (Enter any decreases to account balances with a minus sig is) needed to correctly account sor each of tems ja-ldl and Ina Present Balance ext > Check my work reported these lenses as sold on December 31, at a price of $18600. d. Included in SLC's Inventory balance are $3.900 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 adjustments) needed to correctly account for each of items (o-o) and finally determining the appropriate Inventory and Cost of Goods Sold balances. (Enter eny decreases to account balances with a minus sign.) Print Inventory Cost of Goods Sold f Present Balance d. Appropriate Balance