Skysong Enterprises reported cost of goods sold for 2017 of $1,299,500 and retained earnings of $5,405,900 at December 31, 2017. Skysong later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $120,230 and $32,640, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings.