Question: Need help solving this Accounting question and explanation please, thank you. Bluebell Company sells blue jeans. Last year, bell-bottom jeans were fashionable: this year, boot

Need help solving this Accounting question and explanation please, thank you.

Bluebell Company sells blue jeans. Last year, bell-bottom jeans were fashionable: this year, boot cut jeans are in style. The company has 475 units of bell-bottom jeans with a cost of $22.00 per unit and a market value of $20.00 per unit. The inventory also includes 1/100 units of boot cut jeans with a cost of $21.00 per unit and a market value of $24.00 per unit. 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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