Question: PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! During 2021, WMC Corporation discovered that its ending inventories reported in its financial

PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU!

During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: 2019 2020 understated by overstated by $129,000 159,000 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. 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.) Retained earnings would be Required 1 Required 2 > Required 1 Required 2 Prepare a journal entry to correct the errors. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry to correct the errors. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal

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