MetaBonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed$-$fit jeans are in style. The company has $425$ units of skinny jeans with a cost of $$20$ per unit and a market value of $$18$ per unit. The inventory also includes $1,050$ units of relaxed$-$fit jeans with a cost of $$18$ per unit and a market value of $$22$ 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.$)$