During 2024, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: WMC uses a periodic inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1,2024 , 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. Prepare a joumal entry to correct the errors. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Journal entry worksheet