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Culver Suppliers reported cost of goods sold for 2017 of $820,000 and retained earnings of...

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Accounting

Culver Suppliers reported cost of goods sold for 2017 of $820,000 and retained earnings of $1,385,000 at December 31, 2017. Culver later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $33,500 and $66,400, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings.

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