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Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 515 units of

Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 515 units of skinny jeans with a cost of $24 per unit and a market value of $22 per unit. The inventory also includes 1,140 units of relaxed-fit jeans with a cost of $23 per unit and a market value of $26 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.)

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