Compute the corrected amounts for cost of goods sold

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Reference no: EM131911517

Problem

Marin Enterprises reported cost of goods sold for 2017 of $1, 322, 900 and retained earnings of $4, 854,000 at December 31, 2017. Marin later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $106, 470 and $36, 820, respectively.

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

Reference no: EM131911517

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