Inventory March 1, 2020 March 3, 2019 $ $ Finished goods Finished goods in transit 84,601 9,433 98,324 13,859 $ 94,034 $ 112,183 The Company records a reserve to value inventory to its estimated net realizable value. This resulted in an expense in cost of goods sold of $2.1 million for the year ended March 1, 2020 (March 3, 2019 - $3.2 million). No inventory write-downs recorded in previous periods were reversed. All of the Company's inventory is pledged as security for the Credit Facilities (note 11). Copy Note 5 into powerpoint. What do you think is meant by 'Finished goods in transit? The information under the table indicates there was a write-down of $2.1 million in fiscal 2020, for inventory where the estimated net realizable value is less than cost. Provide the journal entry that would have recorded this