Unit 6- Chapter 7 Homework Assignment i Savect 1 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 $74,000 and Cost of Goods Sold of $428.000 10 points Skipped a Included in Inventory (and Accounts Payable) are $10,800 of lenses SLC is holding on consignment b Included in SLC's Inventory balance are $5,400 of office supplies held in SLC's warehouse. c Excluded from SLC's Inventory balance are $8.400 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 $15,800 d Included in SLC's Inventory balarice are $3,200 of lenses that were damaged in December and will be scrapped in January, with zero realizable value Print 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 (al(d and finally determining the appropriate lnventory and Cost of Goods Sold balances. (Enter eny decreases to account balances with e minus sign.) Cost of Goods Sold Inventory Present Balance b d. Appropriate Balance