VIVE TVARUJE WEW Ch 9 Exercises - Homework 19 Exercise 9-23 (Algo) Change in inventory costing methods [LO9-6] 04 pointe 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 (FFO). CPS's records indicated that the inventones would have totaled $39.8 million at December 31, 2020, it determined on an average cost basis Required: 1. Prepare the journal entry to record the adjustment (Ignore income taxes) (Enter your answers in millons rounded to 1 decimal place (le, 5,500,000 should be entered os 5.5). If no entry is required for a transaction/event, select "No journal entry required In the first account field.) Book Hire View transaction Prim Journal entry worksheet References 1 > Record the adjustment necessary to reflect the average cost method Note Enter debts before credit Event General Journal Debit Credit