Kingbird Enterprises reported cost of goods sold for 2020 of $1,395,200 and retained earnings of $5,530,900 at December 31, 2020. Kingbird later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $111,040 and $35,880, 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 $