Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable, this year, relaxed-fit jeans are in style. The company has 545 units of skinny jeans with a cost of $26 per unit and a market value of $24 per unit. The inventory also includes 1,170 units of relaxed fit jeans with a cost of $24 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. (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 Record the entry for cost of merchandise sold on account from inventories. Journal entry worksheet Record the entry for cost of merchandise sold on account from inventories. Note: Enter debits before credits. Transaction General Journal Debit Credit