During 2021, WMC Corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts: WMC uses the periodic inventory system and the FIFO cost method. Required: 1.6. Determine the effect of 2019 errors on cetained earnings at Jariuary 1, 2021, before any adjustinents (lgnore income taxes ? 1-b. Determine the effect of 2020 errors on retained earnings at January 1, 2021, before any adjustments (ignore income taxes) 2. Prepare o journal entry to correct the error in 2021 3. Wil WMC account for the error (a) retrospectively or (b) prospectively? Complete this question by entering your answers in the tabs below. Prepare a journal entry to correct the error in 2021. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) Journal entry worksheet