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Urgent! Please help! 2 Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $70,000
Urgent! Please help!
2 Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $70,000 and Cost of Goods Sold of $420,000 8.33 points a. Included in Inventory (and Accounts Payable) are $10,000 of lenses SLC is holding on consignment b. Included in SLC's Inventory balance are $5,000 of office supplies held in SLC's warehouse. c Excluded from SLC's Inventory balance are $8,000 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 $15.000 d Included in SLC's Inventory balance are $3,000 of lenses that were damaged in December and will be scrapped in January, with zero realizable value eBook Print I o 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 (0)-(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 Prodent Balance References b C d Appropriate Balance $ $ Step by Step Solution
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