Angus Enterprises Ltd. reported cost of goods sold for 2023 of $2.5 million and retained earnings of $4.0 million at December 31, 2023. Angus later discovered that its ending inventories at December 31, 2022 and 2023, were overstated by $150,000 and $50,000, respectively. Determine the correct amounts for 2023 cost of goods sold and December 31, 2023 retained earnings.