45 of 45 View Policies Current Attempt In Progress -15 Novak Enterprises Ltd. reported cost of goods sold for 2020 of $2.3 million and retained earnings of $40 million at December 31, 2020. Novak later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $150,000 and $48,000, respectively. Determine the correct amounts for 2020 cost of goods sold and December 31, 2020 retained earnings. Corrected cost of goods sold Corrected 12/31/20 retained earnings Save for Later $ Attempts: 0 of 1 used Submit Arower