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Novak Enterprises reported cost of goods sold for 2020 of $1,338,800 and retained earnings of $5,268,500 at December 31, 2020. Novak later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $114,680 and $34,830, respectively.
etermine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings
Answers: 1
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Novak Enterprises reported cost of goods sold for 2020 of $1,338,800 and retained earnings of $5,268...
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