24 Exercise 9-28 (Algo) Inventory errors [LO9-7) 0.4 points In 2021, the controller of Sytec Corporation discovered that $44,000 of inventory purchases were incorrectly charged to advertising expense in 2020 in addition, the 2020 year-end Inventory count failed to include $31.000 of company merchandise held on consignment by Erin Brothers. Sytec uses a periodic Inventory system. Other than the omission of the merchandise on consignment, the year-end Inventory count was correct. The amounts of the errors are deemed to be material Required: 1. Determine the effect of the errors on retained earnings at January 1, 2021 [ignore income taxes.) 2. Prepare a journal entry to correct the errors Bool Hint Complete this question by entering your answers in the tabs below. Print Required: Required 2 References Determine the effect of the error on retained earnings at January 1, 2021. (Tonere income) Retained ears would be Required 2 >