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Puring 2024. WMC Corporation discovered that its ending inventones repolted a its financial atatements were misishodioy the following material amounts: Whe isies a periodic inventory system and the fifo cost method. Required: 1. Determine the effecs of these errors on retained earnings at tonuary 1,2024 , betore any adjustrienta danare income taxesal 2. Prepare ajoumal entry to correct the errors Complete this question by entering your answers in the tabs below. During 2024. WMC Corporation discovered that its ending inventories reported in ics 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 achustments (llgnore 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 cerrect the erron. Journal entry worksheet. Besord the entry to cafrect the einerts