Question: Angus Enterprises Ltd reported cost of goods sold for 2014
Angus Enterprises Ltd. reported cost of goods sold for 2014 of $2.4 million and retained earnings of $4.2 million at December 31 , 2014. Angus later discovered that its ending inventories at December 31, 2013 and 2014 were overstated by $155,000 and $45,000, respectively. Determine the correct amounts for 2014 cost of goods sold and December 31, 2014 retained earnings.
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