(L05) Bienvenu Enterprises reported cost of goods sold for 2017 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2017. Bienvenu later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by

$110,000 and $35,000, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings.