Martinez Enterprises reported cost of goods sold for 2017 of $1, 397, 500 and retained earnings of $5, 157, 300 at December 31, 2017. Martinez later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $105, 370 and $31, 500, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings