E$7-2$ 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 that ended December $31,$ the company reported Inventory of $$81,000$ and Cost of Goods Sold of $$442,000.$Included in Inventory $($and Accounts Payable$)$ are $$12,200$ of lenses held on consignment.Included in the Inventory balance are $$6,100$ of office supplies held in SLCs warehouse.Excluded from the Inventory balance are $$9,100$ of lenses in the warehouse that are ready to send to customers on January $1.$ On December $31,$ SLC reported these lenses as sold at a price of $$17,200.$Included in the Inventory balance are $$3,550$ 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.$)$