Brief Exercise 8-10

Coronado Enterprises reported cost of goods sold for 2017 of $1,419,800 and retained earnings of $5,569,300 at December 31, 2017. Coronado later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $99,040 and $31,710, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings.

Corrected cost of goods sold		$
Corrected 12/31/17 retained earnings		$