Exercise 9-28 Inventory errors [LO9-7 In 2018, the controller of Sytec Corporation discovered that $50,000 of inventory purchases were incorrectly expense in 2017 In addition, the 2017 year-end invento consignment by Erin Brothers. Sytec uses a periodic inventory syste charged to advertising ry count failed to include $34,000 of company merchandise held on m. 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 1,2018.(gnore income ta 2 Prepare a journal entry to correct the errors. xes.) Complete this question by entering your answers in the tabs below Required 1 Required 2 Determine the effect of the errors on retained earnings at January 1, 2018. (Ignore income taxes.) Required 2>