In Adonis Industries changed its method of valuing inventory from the average cost method to the FIFO method. At December Adonis's inventories were $ million average cost Adonis's records indicated that the inventories would have totaled $ million at December if determined on a FIFO basis.
Ignoring income taxes, what journal entry will Adonis use to record the adjustment in
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. Enter your answers in millions rounded to decimal place ie should be entered as
Journal entry worksheet
Record the change in inventory methods.
Note: Enter debits before credits.
tableEventGeneral Journal,Debit,Credit
