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Determine the corrected amounts for cost of goods sold

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Reference no: EM131797552

Sheffield Enterprises reported cost of goods sold for 2017 of $1,512,800 and retained earnings of $5,078,800 at December 31, 2017. Sheffield later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $113,870 and $35,230, respectively.

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

Reference no: EM131797552

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