Angus Enterprises Ltd. reported cost of goods sold for 2017 of $2.5 million and retained earnings of

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Angus Enterprises Ltd. reported cost of goods sold for 2017 of $2.5 million and retained earnings of $4.0 million at December 31, 2017. Angus later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $150,000 and $50,000, respectively. Determine the correct amounts for 2017 cost of goods sold and December 31, 2017 retained earnings.
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Intermediate Accounting

ISBN: 978-1119048534

11th Canadian edition Volume 1

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

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