Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year that ended December 31, the company reported Inventory of $80,000 and Cost of Goods Sold of $440,000. Included in Inventory (and Accounts Payable) are $12,000 of lenses held on consignment. Included in the Inventory balance are $6,000 of office supplies held in SLCs warehouse. Excluded from the Inventory balance are $9,000 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 $17,000. Included in the Inventory balance are $3,500 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.)