Record Journal Entries to correct Inventory Misreporting for the following information...
Seemore Lens Company(SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $70,000 and Cost of goods sold of $420,000.
A. Included in Inventory (and Accountspayable) are $10,000 of lenses held on consignment.
B. Included in the Inventory Balance are $5,000 of office supplies held in SLC's warehouse.
C. Excluded from the inventory balance are $8,000 of lenses in the warehouse, ready to send to customers on January1. SLC reported these lenses as sold on December 31, at a price of $15,000.
D. Included in the Inventory balance are $3,000 of lenses that were damaged in December and will be scrapped in Janurary, with no recoverable value.
|Inventory||Cost of Goods Sold|
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