Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed$-$fit jeans are in style. The company has $555$ units of skinny jeans with a cost of $$26$ per unit and a market value of $$24$ per unit. The inventory also includes $1,180$ units of relaxed$-$fit jeans with a cost of $$25$ per unit and a market value of $$28$ per unit.

Required:

Prepare the journal entry, if any, that is required to adjust the Inventory account