Bienvenu Enterprises reported cost of goods sold for 2010 of $1,666,000 and retained earnings of $6,188,000 at

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Bienvenu Enterprises reported cost of goods sold for 2010 of $1,666,000 and retained earnings of $6,188,000 at December 31, 2010. Bienvenu later discovered that its ending inventories at December 31, 2009 and 2010, were overstated by $130,900 and $53,550, respectively. Determine the corrected amounts for 2010 cost of goods sold and December 31, 2010, retained earnings.
Cost of goods sold .........$
Retained earnings............$

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Intermediate Accounting IFRS

ISBN: 978-1119372936

3rd edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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