Question: Bienvenu Enterprises reported cost of goods sold for 2 0 2 0 of $ 1 , 4 0 0 , 0 0 0 and retained

Bienvenu Enterprises reported cost of goods sold for 2020 of $1,400,000 and retained earnings of $5,200,000 at December 31,2020. Bienvenu later discovered that its ending inventories at December 31,2019 and 2020, were overstated by $110,000 and $35,000, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31,2020, retained earnings.

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