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. m Houston State University Chapter 9 Homework work 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 ED OM OP WPXOU