Seemore Lens Company $($SLC$)$ sells contact lenses FOB destination. For the year ended December $31,$ the company reported Inventory of $$70,000$ and Cost of Goods Sold of $$420,000.$

Included in Inventory $($and Accounts Payable$)$ are $$10,000$ of lenses SLC is holding on consignment.

Included in SLC$$s Inventory balance are $$5,000$ of office supplies held in SLC$$s warehouse.

Excluded from SLC$$s Inventory balance are $$8,000$ 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 $$15,000.$

Included in SLC$$s Inventory balance are $$3,000$ 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.$)$