Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 445 units of skinny jeans with a cost of $20 per unit and a market value of $18 per unit. The inventory also includes 1,070 units of relaxed-fit jeans with a cost of $20 per unit and a market value of $22 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.)

Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 445 units of skinny jeans with a cost of $20 per unit and a market value of $18 per unit. The inventory also includes 1,070 units of relaxed-fit jeans with a cost of $20 per unit and a market value of $22 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.) Journal entry worksheet Record the entry for cost of merchandise sold on account from inventories. Note: Enter debits before credits