Business, 06.05.2020 04:12, zedanabdul198

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 $38 million (FIFO). CPS’s records indicated that the inventories would have totaled $28.6 million at December 31, 2020, if determined on an average cost basis.

Required: 1. Prepare the journal entry to record the adjustment.

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In 2021, CPS Company changed its method of valuing inventory from the FIFO method to the average cos...