X Your answer is incorrect. Novak Enterprises reported cost of goods sold for 2020 of $1,338,800 and retained earnings of $5,268,500 at December 31, 2020. Novak later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $114,680 and $34,830, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings. 1258500 Corrected cost of goods sold Corrected 12/31/20 retained earnings $ $ 5119440