A retail company has inventory that cost $$30$ per unit. The retail price has historically been $$40,$ however; due to a decrease in demand, the price has dropped and now the expected selling price is $$32$ per unit. The retailer pays $$5$ in direct costs to sell each product. At the end of the year, the company has $4,000$ units in ending inventory.

Required:

Prepare the journal entry at year end. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$