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 $