In 2024 , CPS Company changed Its method of valuing Inventory from the FIFO method to the average cost method. At December 31 , 2023, CPS's Inventorles were $37 million (FIFO). CPS's records Indicated that the Inventorles would have totaled $27.8 million at December 31,2023 , If determined on an average cost basis. Required: 1. 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 be entered as 5.5). If no entry is required for a transactlon/event, select "No journal entry required" In the first account fleld. Journal entry worksheet Record the adjustment necessary to reflect the average cost method. Note: Enter debits before credits