Determine the corrected amounts for cost of goods

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Culver Enterprises reported cost of goods sold for 2017 of $1,515,400 and retained earnings of $4,687,300 at December 31, 2017. Culver later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $107,670 and $36,850, respectively.

Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings.

Reference no: EM131267808

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Determine the corrected amounts for cost of goods : Culver Enterprises reported cost of goods sold for 2017 of $1,515,400 and retained earnings of $4,687,300 at December 31, 2017. Culver later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $107,670 and $36,850..

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