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In 2024, CPS Company changed its method of valuing inventory from the FIFO method to...

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Accounting

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In 2024, CPS Company changed its method of valuing inventory from the FIFO method to the average c 2023. CPS's inventories were $45 million (FIFO). CPS's records indicated that the inventories would have December 31,2023, if determined on an average cost basis. Required: 1. Prepare the journal entry to record the adjustment. (Ignore income taxes.) Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5 for a transaction/event, select "No journal entry required" in the first account field. 1 Record the adjustment necessary to reflect the average cost miethod. In 2024. CPS Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 3t, 2023, CPS's inventories were $45 million (FIFO). CPS's records indicated that the inventories would have totaled \$34.2 million at December 31,2023 , if determined on an average cost basis. Required: 1. Prepare the journal entry to record the adjustment. (ignore income toxes) Note: 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 o tronsaction/event, select "No journal entry required" in the first account field

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