DETERMINE THE CORRECT INVENTORY BALANCE SEEMORE LENS COMPANY (SLC) SELLS CONTACT LENSES FOB.

Determining the Correct inventory Balance Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $86,000 and Cost of Goods Sold of $452,000. a. Included in Inventory (and Accounts Payable) are $13, 200 of lenses held on consignment. b. Included in the Inventory balance is $6, 600 of office supplies held in SLC`s warehouse. c. Excluded from the Inventory balance is $9, 600 of lenses in the warehouse, ready to send to customers on January 1. SLC stated these lenses as sold on December 31, at a price of $18, 200. d. Included in the Inventory balance are $3, 800 of lenses that were damaged in December and will be scuffled in January, with no recoverable value. Required: Prepare the table showing the equilibriums presently reported for Inventory and Cost of Goods Sold, and then displaying the adjustment(s) needed to correctly account for all of items (a)-(d), and finally determining the appropriate Inventory and Cost of Goods Sold balances.

Requirements

Initially prepared the table showing balance correctly and presentable. Add all amounts like inventory and cost of goods sold, and then displaying the adjustment. Insert all columns and rows accurately of each object to avoid any error and determining the appropriate balance.