Davenport Suppliers reported cost of goods sold for 2017 of $850,000 and retained earnings of $1,600,000 at December 31, 2017. Davenport later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $45,000 and $60,000, respectively.

Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings.