Check my wor Olson Metrics Ltd. has been the dominant firm in its field. The company's most popular product has been the Model T, which carries a retail price of $390. The Model T costs $290 per unit to produce. Recently, the company introduced a new version, Model A, priced at $420. When the Model A was released, Olson reduced the retail price of the remaining 1,000 units of Model T to $340. Despite the price reduction, the demand for the Model T dropped sharply. Therefore, Olson decided to sell 600 of the remaining units on consignment through Floor Mart Inc. as a private label product at $260 per unit. Floor Mart will collect a commission of 20% per unit. Olsen will lower the price of the remaining 400 units in Inventory to $320. Required: Prepare any journal entry(ies) that are necessary to record the effects of the above informatich. (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 writedown of inventory Note Enter debits before credits. Debit General Journal Transaction Credit Check Olson Metrics Ltd. has been the dominant firm in its field. The company's most popular product has been the Model T, which carries a retail price of $390. The Model T costs $290 per unit to produce. Recently, the company introduced a new version, Model A priced at $420. When the Model A was released, Olson reduced the retail price of the remaining 1,000 units of Model T to $340. Despite the price reduction, the demand for the Model T dropped sharply. Therefore, Olson decided to sell 600 of the remaining units on consignment through Floor Mart Inc. as a private label product at $260 per unit. Floor Mart will collect a commission of 20% per unit. Olsen will lower the price of the remaining 400 units in Inventory to $320. Required: Prepare any journal entry(ies) that are necessary to record the effects of the above information. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list View journal entry worksheet No Transaction Debit Credit General Journal Holding loss on Inventory Inventory, Model for allowance)