Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed$-$fit jeans are in style. The

company has $495$ units of skinny jeans with a cost of $$23$ per unit and a market value of $$21$ per unit. The inventory also includes

$1,120$ units of relaxed$-$fit jeans with a cost of $$22$ per unit and a market value of $$25$ 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.$)$