Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year that ended December 31, the company reported Inventory of $76,000 and Cost of Goods Sold of $432,000.

Included in Inventory (and Accounts Payable) are $11,200 of lenses held on consignment.

Included in the Inventory balance are $5,600 of office supplies held in SLCs warehouse.

Excluded from the Inventory balance are $8,600 of lenses in the warehouse that are ready to send to customers on January 1. On December 31, SLC reported these lenses as sold at a price of $16,200.

Included in the Inventory balance are $3,300 of lenses that were damaged in December and will be scrapped in January, with no recoverable 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.)