Bluebell Company sells blue jeans. Last year, bell-bottom jeans were fashionable; this year, boot cut jeans are in style. The company has 565 units of bell-bottom jeans with a cost of $26.50 per unit and a market value of $24.50 per unit. The inventory also includes 1,190 units of boot cut jeans with a cost of $25.50 per unit and a market value of $28.50 per unit.

Required: Prepare the journal entry, if any, that is required to adjust the Inventory account. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

General Journal Question: Record the entry for cost of merchandise sold on account from inventories.