In $2024,$ CPS Company changed its method of valuing inventory from the FIFO method t $2023.$ CPS$\text{'}$s inventories were $$37$ million $($FIFO$).$ CPS$\text{'}$s records indicated that the invento December $31,2023,$ if determined on an average cost basis.

Required:

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 for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.