Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable, this year, relaxed-fit jeans are in style. The company has 535 units of skinny jeans with a cost of $25 per unit and a market value of $23 per unit. The inventory also includes 1,160 units of relaxed fit jeans with a cost of $24 per unit and a market value of $27 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.) View transaction list Journal entry worksheet