Locher Co. reported cost of goods sold for 2020 of $1,400,000. Locher later discovered that its ending inventories at December 31, 2019 and 2020 were overstated by $110,000 ad $35,000, respectively. What is the correct amount for 2020 cost of goods sold? O $1,290,000 O $1,435,000 O $1,475,000 O $1,545,000 O $1,325,000