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Determine the corrected amounts for 2017 cost of goods sold

Question - Your answer is partially correct. Try again. Indigo Enterprises reported cost of goods sold for 2017 of $1,338,800 and retained earnings of $5,268,500 at December 31, 2017. Indigo later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $114,680 and $34,830, respectively.

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

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Accounting Basics: Determine the corrected amounts for 2017 cost of goods sold

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