ework Saved In 2016, CPS Company changed its method of valuing Inventory from the FIFO method to the average cost method. At December 31, 2015, CPS's inventories were $32 million (FIFO). CPS's records indicated that the inventories would have totaled $23.8 million at December 31, 2015, 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 (.e., 5,500,000 should be entered as 5.5). Round your answers to 1 decimal place. 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. SOOS OPW PXOLO Upload Assignment: Homework o... Untitled Chapter 9 Homework rk 6 Saved Journal entry worksheet Record the adjustment necessary to reflect the average cost method. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal OOS 9. COPWPXODOBNE