Swifty Enterprises reported cost of goods sold for 2020 of $1,453,700 and retained earnings of $5,392,600 at December 31, 2020. Swifty later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $102,820 and $37,880, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings.

Solomon chemical company makes three products, b7, k6, and x9, which are joint products from the same materials. in a standard batch of 320,000 pounds of raw materials, the company generates 70,000 pounds of b7, 150,000 pounds of k6, and 100,000 pounds of x9. a standard batch costs $3,840,000 to produce. the sales prices per pound are $10, $14, and $20 for b7, k6, and x9, respectively. (a) allocate the joint product cost among the three final products using weight as the allocation base. (b) allocate the joint product cost among the three final products using market value as the allocation base. (c) allocate the joint product cost among the three final products using weight as the allocation base.