will leave a like if requirement 1 and 2 is done correctly

During 2024. WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: 20222023overstatedbyunderstatedby129,000159,000 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. (lgnore 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.)