Question 4

Whispering Winds Enterprises Ltd. reported cost of goods sold for 2017 of $2.3 million and retained earnings of $4.3 million at December 31, 2017. Whispering Winds later discovered that its ending inventories at December 31, 2016 and 2017 were overstated by $150,000 and $41,000, respectively. Determine the correct amounts for 2017 cost of goods sold and December 31, 2017 retained earnings.

Corrected cost of goods sold		$
Corrected 12/31/17 retained earnings		$