Homework Question 1 (of 5) value 2000 points Brief Exe t Change in inventory met

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Homework Question 1 (of 5) value 2000 points Brief Exe t Change in inventory methods [LO20-2) In 2016, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2015, B & B's inventories were $32.2 million (FIFO), B & B's records indicated that the inventories would have totaled S23.9 mation at December 31 2015 determined on an average cost basis. ignoring income taxes, what journai entry wil B & B use to record the adjustment in 2016? (If no entry is required for a transactionievent, select "No journal entry required" in the first account field Enterve 4 answers in millions rounded to 1 decimal place (i.e., 5,500.000 should be entered as 5.513. View transaction list Journal entry worksheet d the change in inventory methods. TOSHIBA

Explanation / Answer

Date Account Title and Explanation Debit (in millions) Credit (in millions) BARTAN AND BARTAN 2016 Retained Earnings $8.30 Inventory $8.30 (Being Inventory valuation changed) ADONIS INDUSTRIES 2016 Inventory $17.30 Retained Earnings $17.30 (Being Inventory valuation changed)

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