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