Swifty Suppliers reported cost of goods sold for 2017 of $ 880,000 and retained earnings of $ 1,360,000 at December 31, 2017. Swifty later discovered that its ending inventories at December 31, 2016...

Extracted text: Swifty Suppliers reported cost of goods sold for 2017 of $ 880,000 and retained earnings of $ 1,360,000 at December 31, 2017. Swifty later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $ 40,000 and $ 72,600, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings. COGS Retained Earnings Corrected amounts $ %24 %24