Question: In 2011 DeWash Industries changed its method of valuing invento
In 2011, DeWash Industries changed its method of valuing inventory from the average cost method to the FIFO method. At December 31, 2010, DeWash's inventories were $47.6 million (average cost). DeWash's records indicated that the inventories would have totaled $64 million at December 31, 2010, if determined on a FIFO basis. Ignoring income taxes, what journal entry will DeWash use to record the adjustment in 2011?
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