(Solution) - Bienvenu Enterprises reported cost of goods sold for 2010 of -(2025 Original AI-Free Solution)

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Bienvenu Enterprises reported cost of goods sold for 2010 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2010. Bienvenu later discovered that its ending inventories at December 31, 2009 and 2010, were overstated by $110,000 and $35,000, respectively. Determine the corrected amounts for 2010 cost of goods sold and December 31, 2010, retained earnings.