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During 2021. WMC Corporation discovered that its ending Inventories reported on its fina following amounts: WMC uses the periodic inventory system and the FFO cost method. Required: 1-a. Determine the effect of 2019 errors on retained eamings at January 1, 2021, before an 16. Determine the effect of 2020 errors on retaimed earnings at January 1, 2021, before ar 2. Prepare a journal entry to correct the error in 2021. 3. Will WMC account for the error (a) retrospectively or (b) prospectively? Complete this question by entering your answers in the tabs below. Will WMC eccount for the error (a) retrospectively or (b) prospectively? a. Determine the effect of 2019 errors on retained earnings at January 1, 2021, before any b. Determine the effect of 2020 errors on retained eamings at January 1, 2021, before any - Prepare a joumal entry to correct the error in 2021. Will WMC account for the error (a) retrospectively or (b) prospectively? Complete this question by entering your answers in the tabs below. Prepare a journal entry to correct the error in 2021. (If no entry is required for a transaction/eve the first account field.) Journal entry worksheet WMC uses the periodic inventory system and the FFO cost method. Required: 1-a. Determine the effect of 2019 errors on retained eamings at January 1, 2021, before 1-b. Determine the effect of 2020 errors on retained earnings at January 1, 2021, befor 2. Prepare a journal entry to correct the error in 2021. 3. Will WMC account for the error (a) retrospectively or (b) prospectively? Complete this question by entering your answers in the tabs below. Determine the effect of 2020 errors on retained earnings at January 1, 2021, before any a (If the answers is no effect then select "No effect" in the dropdown.) During 2021. WMC Corporation discovered that its ending inventortes reported on its financlal statements were misstated by the following amounts WMC uses the periodic inventory system and the FFO cost method. Required: 1.a. Determine the effect of 2019 errors on retained earnings at January 1, 2021, before any adjustments. (lgnore income taxes) 1-b. Determine the effect of 2020 errors on retained earnings at January 1. 2021, before any adjustments. (Ignore income taxes) 2. Prepare a Journal entry to correct the error in 2021 . 3. Wil. WMC account for the error (a) retrospectively or (b) prospectively? Complete this question by entering your answers in the tabs below. Determine the effect of 2019 errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) (tf the answers is no effect then select "No effect" in the dropdowal