Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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!
image text in transcribed
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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting concepts and applications

Authors: Albrecht Stice, Stice Swain

11th Edition

978-0538750196, 538745487, 538750197, 978-0538745482

Students also viewed these Accounting questions

Question

Need assistance with a case study completing a financial statement

Answered: 1 week ago