Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $87,000 and Cost of Goods Sold of $454,000. a. Included in Inventory (and Accounts Payable) are $13,400 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $6,700 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $9,700 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 $18.400. d. Included in SLC's Inventory balance are $3,850 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.) Present Balance X Answer is not complete. Inventory Cost of Goods Sold $ 87,000 $ 454,000 (13,400) 87,000 $ (6,700) (63,050) (3,850) 63,050 Appropriate Balance $ $ 477,950 Answer is complete but not entirely correct. No Transaction General Journal Credit Debit 13,400 X Accounts Payable Inventory 13,400 x 2 b. 6,700 X Supplies Inventory 6,700 X C-1. x 17,000 X Accounts Receivable Sales Revenue 17,000 X 4 C -2 Cost of Goods Sold Inventory 9,000 9,000 X 5 d. X 3,850 X Loss on Disposal of PPE Inventory 3,850 X Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 340 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost 200 $ 80 500 90 300 110 Total Cost $16,000 45,000 33,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (C) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the number and cost of goods available for sale. units Number of Goods Available for Sale Cost of Goods Available for Sale Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the number of units in ending inventory. Ending Inventory units Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Cost of Ending Inventory Cost of Goods Sold FIFO LIFO Weighted Average Cost
