Connect -)|newconnect mheducation.com/flow/connect.html Chapter 9 Homework #26 H

Question

Connect -)|newconnect mheducation.com/flow/connect.html Chapter 9 Homework #26 Hclp Save&Exit; Submlt Check my work 2 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 $32 million (FIFO) CPS's records indicated that the inventories would have totaled $23.8 million at December 31, 2017, if determined on an average cost basis points 1. Prepare the journal entry to record the adjustment. Ignore income taxes) (Enter your answers In millions le., 3,300,000 should be entered as 5.5). Round your answers to 1 decimal place. If no entry i# requlrecl fora transaction revent, 8eleet "No Journal entry required" In the first account field. Journal entry worksheet Record the adjustment necessary to reflect the average cost method. Event Debit Credit Record entry Clear entry View general journal

Explanation / Answer

Event General Journal Debit Credit 1 Retained earnings $8.2 Inventory ($32 million – 23.8 million) $8.2

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