Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $83,000 and Cost of Goods Sold of $446,000.

1. Included in Inventory (and Accounts Payable) are $12,600 of lenses SLC is holding on consignment.
2. Included in SLCs Inventory balance are $6,300 of office supplies held in SLCs warehouse.
3. Excluded from SLCs Inventory balance are $9,300 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 $17,600.
4. Included in SLCs Inventory balance are $3,650 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.)

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