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question seemore lens company slc manufactures and sells contactlenses for the year 4291077

Question

Seemore Lens Company (SLC) manufactures and sells contactlenses. For the year ended December 31, the company reportedInventory of $71,000 and Cost of Goods Sold of $422,000. a.Included in Inventory (and Accounts Payable) are $10,200 of lensesheld on consignment. b. Included in the Inventory balance are$5,100 of office supplies held in SLC’s warehouse. c. Excluded fromthe Inventory balance are $8,100 of lenses in the warehouse, readyto send to customers on January 1. SLC reported these lenses assold on December 31, at a price of $15,200. d. Included in theInventory balance are $3,050 of lenses that were damaged inDecember and will be scrapped in January, with no recoverablevalue. Required: For each item, (a–d), prepare the journal entry tocorrect the balances presently reported.

 

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