During 2024 , WMC Corporation discovered that its ending inventorles reported in its financial statements were misstated by the following materlal amounts: WMC uses a perlodic 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. Determine the effect of these errors on retained earnings at January 1,2024 , before any adjustments. (Ignore income taxes.) 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 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. Journal entry worksheet Record the entry to correct the errors. Note: Enter debits before credits