Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $78.000 and Cost of Goods Sold of $436,000 a. Included in Inventory (and Accounts Payable) are $11,600 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $5,800 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $8,800 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 $16,600, d. Included in SLC's Inventory balance are $3,400 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.) Inventory Cost of Goods Sold Present Balance b C d. Appropriate Balance $ $ 0 Check my WOI Seemore Lens Company (SLC) sells contact lenses Fos destination. For the year ended December 31, the company reported Inventory of $72,000 and Cost of Goods Sold of $424,000. a. Included in Inventory (and Accounts Payable) are $10.400 of lenses SLC is holding on consignment b. Included in SLC's Inventory balance are $5,200 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $8,200 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 $15,400 d. Included in SLC's Inventory balance are $3,100 of lenses that were damaged in December and will be scrapped in January, with zero realizable value Required: For each item. (adh. 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.) Journal entry worksheet To record the rectification for recording $5,200 supplies as inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit b Record entry Clear entry View general Journal Journal entry worksheet To record the elimination of $8,200 cost of goods sold in December for a sale to be made in January. Note: Enter debits before credits. Transaction General Journal Debit Credit 0-1. Record entry Clear entry View general Journal Journal entry worksheet To record the write-down of $3,100 Inventory damaged in December and will be scrapped in January, with zero realizable value. Note: Enter debits before credits General Journal Debit Credit Transaction d. Record entry Clear entry View general Journal
