Question: Check my work In 2021, CPS Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31

Check my work 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 $47 million (FIFO). CPS's records indicated that the inventories would have totaled $35,8 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.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 Dobit Credit Event 1 General Journal Retained earnings Inventory

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