seemore lens company (slc) sells contact lenses fob destination. for the year ended december 31, the company reported inventory of $79,000 and cost of goods sold of $438,000.

So, in order to achieve the balance of the inventory we simply added the report ended on Dec 31 and lenses which is in the warehouse and deduct the lenses endured consignment.

Hence, the journal entries in order to correct the balances was presently reported.

The question is incomplete, the complete question is-

Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $79,000 and Cost of Goods Sold of $438,000.

a) Included in the Inventory (and Accounts Payable) are $13,000 of lenses SLC is holding on the given consignment.

b) Included in SLC’s Inventory balance are $6,500 of office supplies held in SLC’s warehouse.

c) Excluded from the SLC’s Inventory balance is $9,500 of lenses in the warehouse, ready to send to customers on Jan 2. SLC reported these lenses as sold on December 31, at a price of $18,000.

d) Included in SLC’s Inventory balance are $3,750 of lenses that were damaged in December and will be scrapped in January, with zero realizable value.

Required: Prepare the table and show the balances presently reported for Inventory and Cost of Goods Sold, and then display 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.

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