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Prepare the journal entry to record the adjustment

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Question - 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 $52 million (FIFO). CPS's records indicated that the inventories would have totaled $39.8 million at December 31, 2020, if determined on an average cost basis.

Required - Prepare the journal entry to record the adjustment. (Ignore income taxes.)

Reference no: EM133114856

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