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In 2024, Adonis Industries changed its method of valuing inventory from the average cost method...

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Accounting

In 2024, Adonis Industries changed its method of valuing inventory from the average cost method to the FIFO method. At December 31,2023, Adonis's inventories were $48.4 million (average cost). Adonis's records indicated that the inventories would have totaled $65.6 million at December 31,2023, if determined on a FIFO basis.
Ignoring income taxes, what journal entry will Adonis use to record the adjustment in 2024?
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e.,5,500,000 should be entered as 5.5).
Journal entry worksheet
1
Record the change in inventory methods.
Note: Enter debits before credits.
\table[[Event,General Journal,Debit,Credit],[1,,,]]
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