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 $370. The Model T costs $270 per unit to produce. Recently, the company introduced a new version, Model A, priced at $400. When the Model A was released, Olson reduced the retail price of the remaining 1,000 units of Model T to $320. 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 $240 per unit. FloorMart will collect a commission of 20% per unit. Olsen willl lower the price of the remaining 400 units in inventory to $300. 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.) 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 Record the writedown of inventory Note: Enter debits before credits Debit Transaction General Journal Credit 1