30 During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: 2019 understated by 2020 overstated by 5138,000 160,000 WMC uses a periodic Inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. Ignore income taxes.) 2. Prepare a journal entry to correct the errors. Complete this question by entering your answers in the tabs below. Required Required 2 Prepare a joumal entry to correct the errors. (If no entry is required for a transaction/event, select "No journal entry required in the first accountriel) View transaction lit Journal entry worksheet Record the entry to correct the errors. Note: the debts before credits 1 Record entry Clear entry View general Journal 30 During 2021, WMC Corporation discovered that its ending Inventories reported in its financial statements were misstated by the following material amounts: 2019 understated by 2020 overstated by $130,000 168,000 Sono WMC uses a periodic Inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments ignore income taxes.) 2. Prepare a journal entry to correct the errors. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) Retained samling would be s | Required 2 >