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 $380. The Model T costs $280 per unit to produce. Recently, the company introduced a new version, Model A, priced at $410. When the Model A was released. Olson reduced the retail price of the remaining 1,000 units of Model T to $330. 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 FloorMart Inc. as a private label product at $250 per unit. FloorMart will collect a commission of 20% per unit. Olsen will lower the price of the remaining 400 units in inventory to $310. 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 Journal entry worksheet < 1 Record the writedown of Inventory. Note: Erter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal