Blue Enterprises reported cost of goods sold for 2020 of $1,307,500 and retained earnings of $5,383,000 at Decernber 31,2020. Blue later discovered that its ending inventories at December 31,2019 and 2020 , were overstated by $118,630 and $36,930, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31,2020 , retained earnings, Corrected cost of goods sold Corrected 12/31/20 retained earnings \$