Novak Enterprises reported cost of goods sold for 2017 of $1,371,500 and retained earnings of $5,442,800 at December 31, 2017. Novak later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $109,170 and $35,290, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings.