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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
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. a. Included in Inventory (and Accounts Payable) are $10.200 of lenses SLC is holding on consignment b. Included in SLC's Inventory balance are $5,100 of office supplies held in SLC's warehouse. c Excluded from SLC's 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. d. Included in SLC's Inventory balance are $3,050 of lenses that were damaged in December and will be scrapped in January, with zero realizable value. Required: For each item, (aHd, prepare the journal entry to correct the balances presently reported. (If no entry is required for a transactlon/event, select "No Journal Entry Required" In the first account field.) 3 Answer is not complete. No Transaction General Journal Debit Credit inventory - Estimated Retuns 10,200 10,200 5,100 0 b. Supplies 5,100 0-1 8.100 Supplies 8,100 402Supplies 15.200 15,200 d.Loss on Disposal of PPE 3.050
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