Business, 11.05.2021 16:20 mielhdz

During 2021, WMC Corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts: 2019 understated by $134,000
2020 overstated by 178,000

WMC uses the periodic inventory system and the FIFO cost method.

Required:
a. Determine the effect of 2019 errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.)
b. Determine the effect of 2020 errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.)
c. Prepare a journal entry to correct the error in 2021.

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During 2021, WMC Corporation discovered that its ending inventories reported on its financial statem...

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