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Exercise 9-23 (Algo) Change in inventory costing methods (L09-6] In 2021, CPS Company changed its...

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Exercise 9-23 (Algo) Change in inventory costing methods (L09-6] In 2021, CPS Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2020, CPS's inventories were $37 million (FFO). CPS's records indicated that the inventories would have totaled $27.8 million at December 31, 2020, If determined on an average cost basis, Required: 1. Prepare the journal entry to record the adjustment (ignore income taxes. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment necessary to reflect the average cost method. Note: Enter debits before credits Debit Credit Event General Journal 1 View general Journal Clear entry Record entry

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