21 Exercise 9-25 (Algo) Error correction; inventory error (LO9-7) 0.4 point During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following matertal amounts: 2019 2020 understated by overstated by 3114,000 164,000 Door a Print 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, 2021, before any adjustments, Ignore income taxes.) 2. Prepare a journal entry to correct the errors References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the effect of these errors on retained earnings at January 1, 2021. before any adjustments. Ignore income taxes.) Retardamings would be