Chevenne Enterprises reported cost of goods sold

Chevenne Enterprises reported cost of goods sold
Chevenne Enterprises reported cost of goods sold for 201? of $1,486,500 and retained earnings of $5,034,000 at December 31, 201?. Cheyenne later discovered that its ending inventories at December 31, 2016 and 201?, were overstated by $119,890 and $32,360, respectively. 1. For 2016, state whether each of the following accounts, Cost of Goods SoldI Net Income, and Retained Earnings, were Overstated or Understated. 2. Determine the corrected amounts for 2017″ cost of goods sold ? December 31, 201?, retained earnings.

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