Answer:
corrected amounts  cost of goods sold = $916500
corrected amounts Retained Earnings = $1159000
Explanation:
given data 
cost of goods sold = $880,000
retained earnings = $1,230,000
ending inventories 2016 = $34,500
ending inventories 2017  = $71,000
to find out 
corrected amounts  cost of goods sold and retained earnings
solution
we get here first corrected amounts for 2017 cost of goods sold  will be here as 
corrected amounts  cost of goods sold = cost of goods sold - ending inventories 2016 + ending inventories 2017   .........1
corrected amounts  cost of goods sold = $880,000 - $34,500 + $71,000 
corrected amounts  cost of goods sold = $916500
and now we get corrected amounts Retained Earnings that will be as 
corrected amounts Retained Earnings = retained earnings - ending inventories 2017 
corrected amounts Retained Earnings = $1,230,000 - $71,000
corrected amounts Retained Earnings = $1159000