Check my wo 7 Exercise 9-23 Change in inventory costing methods [LO9-6] In 2018, CPS Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2017, CPS's inventories were $33 million (FIFO). CPS's records indicated that the inventories would have totaled $24.6 million at December 31, 2017, if determined on an average cost basis. 9 points 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.) eBook Print References View transaction list Journal entry worksheet 1 Record the adjustment necessary to reflect the average cost method. Note: Enter debits before credits. Event General Journal Debit Credit Mc Graw Hill Edr n (Prev 7 of 8 Next >