Bonnie Denim Company sells blue jeans.Last year,skinny jeans were fashionable;this year,relaxed-fit jeans are in style.The company has 940 units of skinny jeans with a cost of $38 per unit and a market value of $34 per unit.The inventory also includes 2,360 units of relaxed-fit jeans with a cost of $33 per unit and a market value of $39 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. )

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The Answer of Bonnie Denim Company sells blue jeans.Last year,skinny jeans were fashionable;this year,relaxed-fit jeans are in style.The company has 940 units of skinny jeans with a cost of $38 per unit and a market value of $34 per unit.The inventory also includes 2,360 units of relaxed-fit jeans with a cost of $33 per unit and a market value of $39 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. )

Bonnie Denim Company Sells Blue Jeans