Reported cost of goods sold

Reference no: EM131812029

Sarasota Enterprises Ltd. reported cost of goods sold for 2017 of $2.4 million and retained earnings of $4.2 million at December 31, 2017. Sarasota later discovered that its ending inventories at December 31, 2016 and 2017 were overstated by $160,000 and $49,000, respectively.

Determine the correct amounts for 2017 cost of goods sold and December 31, 2017 retained earnings. (Round answers to 0 decimal places, e.g. 5,275.)

Corrected cost of goods sold $

Reference no: EM131812029

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