Chapter 7 Homework Problems - REQ'D Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate 2 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 8.33 points 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 (Hd), and finally determining the appropriate Inventory and cost of Goods Sold balances. (Enter any decreases to account balances with a minus sign.) Answer is complete but not entirely correct. Inventory Cost of Goods Sold Present Balance $ 84,000 $ 448,000 (12,800) 0 (6,400) c. 9,400 (9,400) (3,700) 3,700 Appropriate Balance $ 70,500 $ 442,300 a. b. d