Business, 25.04.2020 04:02, jasminethomas383
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.
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During 2021, WMC Corporation discovered that its ending inventories reported in its financial statem...
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