During 2024. WMC Corporation discovered that its ending inventories reported in its financlal 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 eamings at January 1, 2024, before any adjustments. (lignore incomine taxcs) 2. Prepare a joumal entry to correct the errors. Complete this question by entering your answers in the tabs below. Determine the effect of these errors on retained earnings at January 1,2024 , beforo any adfustrients. (Ignore incume taxes) 1. Determine the effect of these errors on retained earnings at January 1, 2024, before any adjustments. (Ig ore income taxes) 2. Prepare a journal entry to correct the errors. Complete this question by entering your answers in the tabs below. Prepare a journal entry to correct the errors. Note: if no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1 Record the entry to correct the errors