Exerclse 20-19 (Static) Error correction; Inventory error [LO20-6] During 2021, WMC Corporation dlscovered that its ending Inventorles reported on its financlal statements were misstated by the following amounts: WMC uses the perlodic Inventory system and the FIFO cost method. Required: 1-a. Determine the effect of 2019 errors on retained eamings at January 1, 2021, before any adjustments. (lgnore Income taxes.) 1-b. Determine the effect of 2020 errors on retalned earnings at January 1, 2021, before any adjustments. (lgnore income taxes.) 2 Prepare a journal entry to correct the error in 2021 . 3. Will WMC account for the error (a) retrospectlvely 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.) (If the answers is no effect then select "No effect" in the dropdown.) 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 adjustments. (Ignore income taxes.) (If the answers is no effect then select "No effect" in the dropdown.) 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/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before cred its. Complete this question by entering your answers in the tabs below. Will WMC account for the error (a) retrospectively or (b) prospectively