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Sunland Enterprises reported cost of goods sold for 2020 of $1,397,500 and retained earnings of...

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Accounting

Sunland Enterprises reported cost of goods sold for 2020 of $1,397,500 and retained earnings of $5,157,300 at December 31, 2020. Sunland later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $105,370 and $31,500, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings.

Corrected cost of goods sold

 $

Corrected 12/31/20 retained earning

Answer & Explanation Solved by verified expert
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