Extracted text: lo record the elimination of consignment inventory, which does not belong to SLC. 1 2 To record the rectification for recording $6,700 supplies as inventory. 3 To record the elimination of $9,700 cost of goods sold in December for a sale to be made in January. 4 To record the elimination of $18,400 sales transaction recorded in December for a sale to be made in January when goods are shipped FOB destination. 5 To record the write-down of $3,850 inventory damaged in December and will be scrapped in January, with zero realizable value. Note : = journal entry has been entered
To record the elimination of consignment inventory, which does not belong to SLC. 1 elong to 2 To record the rectification for recording $6,700 supplies as inventory. To record the elimination of $9,700 cost of goods sold in December for a sale to be made in January. 3 "/>
Extracted text: Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $87,000 and Cost of Goods Sold of $454,000. a. Included in Inventory (and Accounts Payable) are $13,400 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $6,700 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $9,700 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 $18,400. d. Included in SLC's Inventory balance are $3,850 of lenses that were damaged in December and will be scrapped in January, with zero realizable value. Required: For each item, (a)-(d), prepare the journal entry to correct the balances presently reported. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list > To record the elimination of consignment inventory, which does not belong to SLC. 1 elong to 2 To record the rectification for recording $6,700 supplies as inventory. To record the elimination of $9,700 cost of goods sold in December for a sale to be made in January. 3