Bienvenu Enterprises reported cost of goods sold for 2019 of $1,400,000 and retained earnings of $5,200,000 at

Question:

Bienvenu Enterprises reported cost of goods sold for 2019 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2019. Bienvenu later discovered that its ending inventories at December 31, 2018 and 2019, were overstated by $110,000 and $35,000, respectively. Determine the corrected amounts for 2019 cost of goods sold and December 31, 2019, retained earnings.