Business, 02.12.2019 21:31 tori4023

During 2018, wmc corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts:

2016 understated by $ 120,000
2017 overstated by 150,000
wmc uses the periodic inventory system and the fifo cost method.

required:
(a) determine the effect of 2016 errors on retained earnings at january 1, 2018, before any adjustments. (ignore income taxes.)
(b) determine the effect of 2017 errors on retained earnings at january 1, 2018, before any adjustments. (ignore income taxes.)
(c) prepare a journal entry to correct the error made in 2017.

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