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Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31 , the company reported Inventory of $87,000 and Cost of Goods Sold of $454,000. a. Included in Inventory (and Accounts Payable) are $13,400 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $6,700 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $9,700 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 $18,400. d. Included in SLC's Inventory balance are $3,850 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)-(d), and finally determining the appropriate Inventory and Cost of Goods Sold balances. (Enter any decreases to account balances with a minus sign.) Hernandez Company began operating on June 26 with no inventory on hand. It then made the purchases listed below. Hernandez Company sold and delivered 70 units on June 30. Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30 . 3. Calculate the cost of ending inventory and the cost of goods sold under FIFO. Complete this question by entering your answers in the tabs below. Calculate the number and cost of goods available for sale. (Do not round intermediate values. Round your "Cost of Goods Available for Sale" answer to 2 decimal places.) Hernandez Company began operating on June 26 with no inventory on hand. It then made the purchases listed below. Hernandez Company sold and delivered 70 units on June 30. Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30 . 3. Calculate the cost of ending inventory and the cost of goods sold under FIFO. Complete this question by entering your answers in the tabs below. Calculate the number of units in ending inventory at June 30 . Hernandez Company began operating on June 26 with no inventory on hand. It then made the purchases listed below. Hernandez Company sold and delivered 70 units on June 30. Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30 . 3. Calculate the cost of ending inventory and the cost of goods sold under FIFO. Complete this question by entering your answers in the tabs below. Calculate the cost of ending inventory and the cost of goods sold under FIFO. (Do not round intermediate values. Round your "Cost of Goods Sold" answer to 2 decimal places.) Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31 , the company reported Inventory of $87,000 and Cost of Goods Sold of $454,000. a. Included in Inventory (and Accounts Payable) are $13,400 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $6,700 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $9,700 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 $18,400. d. Included in SLC's Inventory balance are $3,850 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)-(d), and finally determining the appropriate Inventory and Cost of Goods Sold balances. (Enter any decreases to account balances with a minus sign.) Hernandez Company began operating on June 26 with no inventory on hand. It then made the purchases listed below. Hernandez Company sold and delivered 70 units on June 30. Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30 . 3. Calculate the cost of ending inventory and the cost of goods sold under FIFO. Complete this question by entering your answers in the tabs below. Calculate the number and cost of goods available for sale. (Do not round intermediate values. Round your "Cost of Goods Available for Sale" answer to 2 decimal places.) Hernandez Company began operating on June 26 with no inventory on hand. It then made the purchases listed below. Hernandez Company sold and delivered 70 units on June 30. Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30 . 3. Calculate the cost of ending inventory and the cost of goods sold under FIFO. Complete this question by entering your answers in the tabs below. Calculate the number of units in ending inventory at June 30 . Hernandez Company began operating on June 26 with no inventory on hand. It then made the purchases listed below. Hernandez Company sold and delivered 70 units on June 30. Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30 . 3. Calculate the cost of ending inventory and the cost of goods sold under FIFO. Complete this question by entering your answers in the tabs below. Calculate the cost of ending inventory and the cost of goods sold under FIFO. (Do not round intermediate values. Round your "Cost of Goods Sold" answer to 2 decimal places.)
