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Question: Seemore Lens Company (SLC) manufactures and sells contact lenses. For the year ended December 31,...

Seemore Lens Company (SLC) manufactures and sells contact lenses. For the year ended December 31, the company reported Inventory of $84,000 and Cost of Goods Sold of $448,000. a. Included in Inventory (and Accounts Payable) are $12,800 of lenses held on consignment. b. Included in the Inventory balance are $6,400 of office supplies held in SLCs warehouse. c. Excluded from the Inventory balance are $9400 of lenses in the warehouse, ready to send to customers on January 1. SLC reported these lenses as sold on December 31, at a price of $17800. d. Included in the Inventory balance are $3,700 of lenses that were damaged in December and will be scrapped in January, with no recoverable value. Required: For each item, (ad), prepare the journal entry to correct the balances presently reported.