Practice Brief Exercise 8-5 Concord Suppliers reported cost of goods sold for 2017 of $850,000 and retained eamings of $1,620,000 at December 31, 2017. Concord later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $43,500 and $74,200, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings Retained Earnings