Question: In 2021, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method. At December

In 2021, the Barton and Barton Company changed its method of valuing

In 2021, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2020, B & B's inventories were $31.2 million (FIFO). B & B's records indicated that the inventories would have totaled $23.4 million at December 31, 2020, if determined on an average cost basis. Ignoring income taxes, what journal entry will B & B use to record the adjustment in 2021? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet 1 > Record the change in inventory methods. Note: Enter debits before credits. Event General Journal Debit Credit

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