Bonita Enterprises reported cost of goods sold for 2020 of $1,419,800 and retained earnings of $5,569,300 at December 31, 2020. Bonita later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $99,040 and $31,710, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings. Correct cost of goods sold: Corrected 12/31/20 Retained Earnings:

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