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Determine the corrected amounts for cost of goods sold

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Splish Enterprises reported cost of goods sold for 2020 of $1,383,800 and retained earnings of $4,981,700 at December 31, 2020. Splish later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $103,730 and $34,580, respectively.

Problem 1: Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings.

Reference no: EM132700631

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