Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $71,000 and Cost of Goods Sold of $422,000.

1. Included in Inventory (and Accounts Payable) are $10,200 of lenses SLC is holding on consignment.
2. Included in SLCs Inventory balance are $5,100 of office supplies held in SLCs warehouse.
3. Excluded from SLCs Inventory balance are $8,100 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 $15,200.
4. Included in SLCs Inventory balance are $3,050 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.)

\begin{tabular}{|l|l|l|} \hline & \multicolumn{1}{|c|}{ Inventory } & Cost of Goods Sold \\ \hline Present Balance & & \\ \hline a. & & \\ \hline b. & & \\ \hline c. & & \\ \hline d. & & \\ \hline Appropriate Balance & & \\ \hline \end{tabular}