cost method. At December 31, 201, Red's inventories were $31.2 million (FIFO). Red's records indicated that the inventories woutd have totaled $23.4 million at December 31,201, if defermined on an average cost basis Ignoring income taxes, what joumat entry will Red use to record the adjustment on January 1,202 ? (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)