In 2024, the Barton and Barton Company changed its method of valuing Inventory from the FIFO...

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In 2024, the Barton and Barton Company changed its method of valuing Inventory from the FIFO method to the average cost method. At December 31, 2023, B&B's Inventories were $30.2 million (FIFO). B & B's records Indicated that the Inventories would have totaled $22.9 million at December 31, 2023, if determined on an average cost basis. Ignoring Income taxes, what journal entry will B & B use to record the adjustment in 2024? Note: 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 (.e., 5,500,000 should be entered as 5.5). View transaction let Journal entry worksheet < Record the change in inventory methods. Note: Enter debits before credits. Event 1 General Journal Debit Credit 7.3 7.3 Record entry Clear entry View general journal In 2024, the Barton and Barton Company changed its method of valuing Inventory from the FIFO method to the average cost method. At December 31, 2023, B&B's Inventories were $30.2 million (FIFO). B & B's records Indicated that the Inventories would have totaled $22.9 million at December 31, 2023, if determined on an average cost basis. Ignoring Income taxes, what journal entry will B & B use to record the adjustment in 2024? Note: 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 (.e., 5,500,000 should be entered as 5.5). View transaction let Journal entry worksheet < Record the change in inventory methods. Note: Enter debits before credits. Event 1 General Journal Debit Credit 7.3 7.3 Record entry Clear entry View general journal