17.028 0.26 points E7-2 Determining the Correct Inventory Balance [LO 7-1, LO 7-2, LO 7-4] 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 held on consignment on January 1. SLC reported these lenses as sold on December 31, at a price of $18,400. d. Included in the Inventory balance are $3,850 of lenses that were damaged in December and will be scrapped in January, with no recoverable 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.) ventory Cost of Goods Sol Present Balance . 41 Appropriate Balance