step by step instructions

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 $33 million (FIFO). CPS's records indicated that the inventories would have totaled $24.6 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 (i..., 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 Record the adjustment necessary to reflect the average cost method. Note: Enter debits before credits Event General Journal Debit Credit