Please find the inventory and cost of goods sold value of situations a-d. Please show...
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Accounting
Please find the inventory and cost of goods sold value of situations a-d. Please show all work. Thanks.
E7-2 Determining the Correct Inventory Balance [LO 7-4, LO 7-2, LO 7-4 Seemore Lens Company (SLG) sells of $70,000 and Cost of Goods Sold of $420,00D contact lenses FOB destnation For the year ended December 31, the compary reported Inventory n Inventory (and Accounts Payable) are $10,000 of lenses SIC s holkting on consignment b Included in SLC's Inventory balanice are $5,000 of office supplies beld in SC's warehouse. esar tsend to custonmners on January 2 SiC serapped in January, with xded from stey butrce nes reported these lenses as sold on December 31, at a price of $15.000 d Included in SLC's Inventory balance are $3,000 of lenses that were damaged in December and will be zeso realizable value Required: Prepare the table showing the balances presently reported for Inventory and Cost of Goods Soid, and then displaying the adjustmentis) needed to correctly account for each of nems (a) fd), and finally determining the Goods Sold balances. (Enter any decreases to account belences with a minus sign.)
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