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 inventonles were $32 mition (FIFO). CPS's records indicated that the inventories would have totaled $23.8 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 transaction/event, select "No journal entry required" in the first account field