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 inventories were $48 million (FIFO). CPS's records indicated that the inventories would have totaled $36.6 million at December 31,2023 , if determined on an average cost basis. Requlred: 1. Prepare the journal entry to record the adjustment. (Ignore income taxes.) Note: Enter your answers In millions rounded to 1 declmal ploce (l.e., 5,500,000 should be entered as 5.5). If no entry is required for a tronsaction/event, select "No journal entry requlred" In the flrst account fleld. Journal entry worksheet Record the adjustment necessary to reflect the average cost method. Note: Enter debits before credits