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In 2018, CPS Company changed its method of valuing inventory from the FIFO method to...

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Accounting

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In 2018, CPS Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2017, CPS's inventories were $45 million (FIFO). CPS's records indicated that the inventories would have totaled $34.2 million at December 31, 2017, 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.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.) View transaction list Journal entry worksheet Record the adjustment necessary to reflect the average cost method. Note: Enter debits before credits General Journal Debit Credit Event Prex 3ct 4111 Next> . . 0

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