Hello tutor,

Please help with this assignment. I have some figured out but need help with the rest. Thank you.

\fExercise 20-49 Error correction: inventory error [LOZD-B] During 2010. WHO Corporation disoovered that its ending inventories reported on its nancial statements were misstated by the following amounts: 2014 understatedby $152,000 2015 overstetedby 214,000 WMC uses the periodic inventory system and the FIFO oost method. Required: 'I-a. Detennine the effect of 2014 error on retained earnings at January 1, 2016, before any adjustments. {Ignore income taxes.) Beginning inventory Beginning inventory Understated WWW Less: ending inventory Understated Less: ending inventory Overstated Cost of goods sold Understated Revenues Revenues Less: cost of goods sold Overstated Less: cost of goods sold Net income Understated Net inoorrle Overstated Understated Retained eemings Corrected