Question 2 Ayayai Suppliers reported cost of goods sold for 2017 of $890,000 and retained earnings of $1,120,000 at December 31, 2017. Ayayai later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $39,500 and $74,800, respectively Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings. COGS Retained Earnings Corrected amounts