Hep Save & El Submit During 2018, WMC Corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts: 2016 understated by 2013 overstated by $120,000 150,000 WMC uses the periodic inventory system and the FIFO cost method. Required: 1-a. Determine the effect of 2016 errors on retained earnings at January 1, 2018, before any adjustments. Ignore income taxes.) 1-b. Determine the effect of 2017 errors on retained earnings at January 1, 2018, before any adjustments. Ignore income taxes.) 2. Prepare a journal entry to correct the error made in 2017 Complete this question by entering your answers in the tabs Reg LA Reg 1B Reg 2 Determine the effect of 2016 errors on retained earnings at January 1, 2018, before any adjustments.co (If the answers is no effect then select 'No effect in the dropdown 2016 Beginning inventory Plus: net purchases Less: ending inventory Cost of goods sold 2016 effect on 2017 Beginning inventory Plus net purchases Lessanding inventory Cost of goods sold Reventies Less cost of goods sold less cost of goods sol