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Determine the correct amounts for cost of goods sold

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Flint Enterprises Ltd. reported cost of goods sold for 2017 of $2.3 million and retained earnings of $4.4 million at December 31, 2017. Flint later discovered that its ending inventories at December 31, 2016 and 2017 were overstated by $160,000 and $42,000, respectively.

Problem 1: Determine the correct amounts for 2017 cost of goods sold and December 31, 2017 retained earnings.

Reference no: EM132691875

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