Sheffield Enterprises reported cost of goods sold for 2017 of $1,512,800 and retained earnings of $5,078,800 at December 31, 2017. Sheffield later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $113,870 and $35,230, respectively.
Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings.