In 2021. CPS Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2020. CPS's Inventories were $52 million (FIFO). CPS's records indicated that the inventories would have totaled $39.8 million at December 31, 2020. 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 rounded to 1 decimal place (1.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.) View transaction list Journal entry worksheet