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Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31,...

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Accounting

Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $77,000 and Cost of Goods Sold of $434,000.
[A]: Included in Inventory (and Accounts Payable) are $11,400 of lenses SLC is holding on consignment.
[B]: Included in SLCs Inventory balance are $5,700 of office supplies held in SLCs warehouse.
[C]: Excluded from SLCs Inventory balance are $8,700 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 $16,400.
[D]: Included in SLCs Inventory balance are $3,350 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 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.)
PLEASE SHOW EACH STEP WHILE KEEPING THE WORK EASY TO FOLLOW.
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