During 2021, WMC Corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts:

2019	understated by	$	160,000
2020	overstated by		230,000

WMC uses the periodic inventory system and the FIFO cost method. Required: 1-a. Determine the effect of 2019 errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) 1-b. Determine the effect of 2020 errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) 2. Prepare a journal entry to correct the error in 2021. 3. Will WMC account for the error (a) retrospectively or (b) prospectively?

I need all 4 parts please

Complete this question by entering your answers in the tabs below. Req 1A Req 1B Reg 2 Req3 Determine the effect of 2020 errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income t (If the answers is no effect then select "No effect" in the dropdown.) 2020 Beginning inventory Plus: net purchases Less: ending inventory Cost of goods sold Revenues Less: cost of goods sold Less: other expenses Net income Retained earnings Req 1A Reg 1B Reg 2 Req3 Determine the effect of 2019 errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income (If the answers is no effect then select "No effect" in the dropdown.) 2019 2019 effect on 2021 Beginning inventory Beginning inventory Plus: net purchases Plus: net purchases Less: ending inventory ess: ending inventory Cost of goods sold Understated Cost of goods sold Overstated Revenues levenues No effect Less: cost of goods sold ess: cost of goods sold Less: other expenses Less: other expenses Net income Net income Retained earnings Retained earnings