During 2021, Austin Company discovered that the ending inventores reported on its financial statements were incorrect by the following amounts 2019 $100,000 overstated 580.000 understated Austin uses the periodic inventory system to ascertain year-end quantities that are converted to dollar amounts using the FIFO cost method. Prior to any adjustments for these errors and ignoring income taxes, Austin's retained earnings at January 1, 2021 would be 2020 Correct $180,000 understated. $80,000 understated $20,000 understated