M7-14 (Algo) Reporting Inventory under Lower of Cost or Market/Net Realizable Value [LO 7-4] The Jewel Fool had the following inventory iterns on hand at the end of the year: Determine the lower of cost or marketet realizable value per unit and the total amount that should be reported on the balance sheet or each item of inventory. 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 $86,000 and Cost of Goods Sold of $452,000. a Included in Inventory (and Accounts Payable) are $13,200 of lenses SLC is holding on consignment b Included in SLC's inventory balance are $6,600 of office supplies held in SLC's warehouse. c. Excluded from SLC's Invertory balance are $9.600 of lenses in the warehouse, ready to send to customers on January 2 SLC reported these lenses as sold on December 31 , at a price of $18,200 d. Included in SLC Inventory balance are $3,800 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 nems (a) (a), and finally determining the approprate inventory and Cost of Goods Sold balances: (Enter any decreases to occount bolances with a minus sign.)