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Item 4

Item 4 2.5 points

Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 595 units of skinny jeans with a cost of $28 per unit and a market value of $26 per unit. The inventory also includes 1,220 units of relaxed-fit jeans with a cost of $27 per unit and a market value of $30 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.)

2.5points

eBook

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References

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Item 4

Item 4 2.5 points

Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 595 units of skinny jeans with a cost of $28 per unit and a market value of $26 per unit. The inventory also includes 1,220 units of relaxed-fit jeans with a cost of $27 per unit and a market value of $30 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.)