Bienvenu Enterprises reported cost of goods sold for 2020 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2020. Bienvenu later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $110,000 and $35,000, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings.

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