Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31,...
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Seemore Lens Company SLC sells contact lenses FOB destination. For the year ended December the company reported Inventory of $ and Cost of Goods Sold of $ A: Included in Inventory and Accounts Payable are $ of lenses SLC is holding on consignment. B: Included in SLCs Inventory balance are $ of office supplies held in SLCs warehouse. C: Excluded from SLCs Inventory balance are $ of lenses in the warehouse, ready to send to customers on January SLC reported these lenses as sold on December at a price of $ D: Included in SLCs Inventory balance are $ 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 ad 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. 
Seemore Lens Company SLC sells contact lenses FOB destination. For the year ended December the company reported Inventory of $ and Cost of Goods Sold of $
A: Included in Inventory and Accounts Payable are $ of lenses SLC is holding on consignment.
B: Included in SLCs Inventory balance are $ of office supplies held in SLCs warehouse.
C: Excluded from SLCs Inventory balance are $ of lenses in the warehouse, ready to send to customers on January SLC reported these lenses as sold on December at a price of $
D: Included in SLCs Inventory balance are $ 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 ad 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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