Bienvenu Enterprises reported cost of goods sold for 2015 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2015. Bienvenu later discovered that its ending inventories at December 31, 2014 and 2015, were overstated by $110,000 and $35,000, respectively. Determine the corrected amounts for 2015 cost of goods sold and December 31, 2015, retained earnings.