Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. seemore lens company (slc) sells contact lenses fo

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

70.2K

Verified Solution

Question

Accounting

image

Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $83,000 and Cost of Goods Sold of $446,000. a. Included in Inventory (and Accounts Payable) are $12,600 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $6,300 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $9,300 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 $17,600. d. Included in SLC's Inventory balance are $3,650 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.) Inventory Cost of Goods Sold Present Balance a. b. c. d. Appropriate Balance

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Consider the results from a completely randomized design showing commuting times in three states. Use an...

Physics
1.2K views

Three identical metallic plates A B and C are initially given charges Q 4Q and...

Geometry
1.2K views

To estimate the height of a mountain above a level plain the angle of elevation...

Basic Math
1.2K views

Find the corner points of the feasible region of the linear programming problem 10 Maximize...

Statistics
1.2K views

An index number provides a simple way to compare measurements made at different times or...

Calculus
1.2K views

1 Evaluate a c 1 6 5 dx 6 1 X b d 1 2...

Calculus
1.2K views

The function graphed to the right is of the form y a sec bx c...

Accounting
1.2K views

Please show all work on word doc and not hand written - too hard to...

Accounting
1.2K views

Which of the following transactions would have no change on capital? Select one: O a....

Accounting
1.2K views

How can information you learned in principles of accounting be applied to your life and/or...

Accounting
1.2K views

At December 31, 2013, Hull-Meyers Corp. had the following investments that were purchased during 2013,...

Accounting
1.2K views

Lenning Corporation uses the FIFO method in its process costing. The following data pertain to...