In 2018, the barton and barton company changed its method of valuing inventory from the fifo method to the average cost method. at december 31, 2017, b & b's inventories were $32.6 million (fifo). b & b's records indicated that the inventories would have totaled $24.1 million at december 31, 2017, if determined on an average cost basisignoring income taxes, what journal entry will b & b use to record the adjustment in 2018?

The journal entry is as follows:

Explanation:

Given that,

Barton and Barton company's inventories were $32.6 million at December 31st, 2017

But the records of B and B's company indicated that inventories would have totaled $24.1 million  December 31st, 2017

Therefore, the journal entry for the adjustment in the records of B and B's company in 2018 is as follows:

                                             Debit                  Credit

Retained Earnings A\c       $8.5 million

To Inventory                                                      $8.5 million

Retained Earnings = $32.6 million - $24.1 million

                               = $8.5 million

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