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 Inventory (and Accounts Payable) are $11,800 of lenses SLC is holding on consignment.
b. Included in SLC’s Inventory balance are $5,900 of office supplies held in SLC’s warehouse.
c. Excluded from SLC’s Inventory balance are $8,900 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 $16,800.
d. Included in SLC’s Inventory balance are $3,450 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.