3F Houdy faqs Pr help-content-exper... Mc Graw Hill Unit 6 - Chapter 7 Homework Assignment i 1 y 10 points Print Student Portal Logi... a. b C Present Balance Class ACC 111 Fina... 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.) Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $75,000 and Cost of Goods Sold of $430,000. a. Included in Inventory (and Accounts Payable) are $11,000 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $5,500 of office supplies held in SLG's warehouse. c. Excluded from SLC's Inventory balance are $8,500 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 $16,000. H Bookshelf: Fundam... d. Included in SLC's Inventory balance are $3,250 of lenses that were damaged in December and will be scrapped in January, with zero realizable value. Inventory 75,000 $ (11,000) (5,500) 16,000 $ Q Search Saved Cost of Goods Sold 430,000 65,000 Pre Help Save 1 of 3 www Next > IN C

Seemore Lens Company (StC) sells contact lenses FOB destunation For the year ended December 31, the company ieported invento or $75,000 and Cost of Gopds Sold of $430,000 a Included in Inventory (and Accounts Payable) afe $11.000 of lenses StC is hoiding on consignment. b. Includind in SLC Inventory balance are $5.500 of office supplies held in SLG's warehouse. c. Exduded froit StC s Inventory balance are $8,500 of lenses in the warehouse, ready to send to customers on January 2 SLC reported these lerises as sold on December 31 , at a price of $16,000 d Ineluded in 5 Cs inventory balance are $3,250 of lenses that were damaged in December and will be scrapped in January, with zerg reullable whe 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 oppropriate inventory and Cost of Goods Sold balances (Enter any decreases to occount bolances with a minus sign.)