During 2022, Miller Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts 2020 2021 $90,000 $72,000 overstated Miller uses the periodic inventory system to ascertain year-end quantities that are converted to dollar amounts using the FIFO cost method. Prior to any aljs the the mon adiging Miller's retained earnings at January 1, 2022, would be: O $72,000 understated O Correct $18,000 understated. O $162,000 understated.