Business, 25.06.2021 01:00 ayindejoy

Sheridan Enterprises reported cost of goods sold for 2020 of $1,322,900 and retained earnings of $4,854,000 at December 31, 2020. Sheridan later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $106,470 and $36,820, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings.

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Sheridan Enterprises reported cost of goods sold for 2020 of $1,322,900 and retained earnings of $4,...

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