Unit 6. Chapter 7 Homework X C Sign in or Sign Up Chegg.com https:/ewconnect.mnheducation.com/llow/connect.html NO U Help Save & Exit Submit Init 6 - Chapter 7 Homework Assignment 0 Check my work" Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $90,000 and Cost of Goods Sold of $460,000 points a. Included in Inventory (and Accounts Payable) are $14,000 of lenses SLC is holding on consignment b. Included in SLC's Inventory balance are $7,000 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $10,000 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 $19,000. d. Included in SLC's Inventory balance are $4,000 of lenses that were damaged in December and will be scrapped in January, with zero realizable value. Required: Prepare the table showing the balances presently reported for Inventory and Cost of Goods Sold, and then displaying the adjustments) needed to correctly account for each of items (a).(, and finally determining the appropriate Inventory and Cost of Goods Sold balances. (Enter any decreases to account balances with a minus sign.) Inventory Cost of Goods Sold Prese Balance Prev 1 of 3 i Next > Type here to search