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Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $77,000 and Cost of Goods

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Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $77,000 and Cost of Goods Sold of $434,000. a. Included in Inventory (and Accounts Payable) are $11,400 of lenses SLC is holding on consignment. b. Included in SLC's inventory balance are $5,700 of office supplies held in SLC's warehouse, c. Excluded from SLC's Inventory balance are $8,700 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 $16,400. d. Included in SLC's Inventory balance are $3,350 of lenses that were damaged in December and will be scrapped in January, with zero realizable value Required: For each item, (Hd), prepare the journal entry to correct the balances presently reported. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list View journal entry worksheet NO Transaction General Journal Debit Credit

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