Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year that ended December 31, the company reported Inventory of $85,000 and Cost of Goods sold of $450,000.

a. Included in Inventory (and Accounts Payable) are $13,000 of lenses held on consignment.

b. Included in the Inventory balance are $6,500 of office supplies held in SLC's warehouse.

c. Excluded from the Inventory balance are $9,500 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 $18,000.

d. Included in the Inventory balance are $3,750 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)-(a), and finally determining the appropriate Inventory and Cost of Goods Sold balances. (Enter any decreases to account balances with a minus sign.)