During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: 2019 understated by $ 121,000 2020 overstated by 151,000 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.

Explanation:

For the year ended 2019;

the retained earnings and inventory were understated by $121,000;

For the year ended 2020;

Opening Inventory Understated    $121,000

Closing Inventory Overstated       ($151,000)

Net impact by which  retained earnings and inventory were overstated      ($30,000)

The compound effect on retained earnings as at January 1,2021 was;

Error of 2019-Retained Earnings understated  $121,000

Error of 2020-retained earnings overstated    ($30,000)

Net impact on retained earnings-understated   91,000

2. Journal Entry-Net impact of 2019 & 2020 errors

Inventory    Dr.$91,000

Retained earnings Cr.$91,000

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