During 2018, wmc corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts: 2016 understated by $ 140,000 2017 overstated by 190,000 wmc uses the periodic inventory system and the fifo cost method. required: 1-a. determine the effect of 2016 errors on retained earnings at january 1, 2018, before any adjustments. (ignore income taxes.) 1-b. determine the effect of 2017 errors on retained earnings at january 1, 2018, before any adjustments. (ignore income taxes.) 2. prepare a journal entry to correct the error made in 2017.