TB Problem 7-199 (Algo) Bonnie Denim Company sells blue jeans.... Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 605 units of skinny jeans with a cost of $28 per unit and a market value of $26 per unit. The inventory also includes 1,230 units of relaxed-fit jeans with a cost of $28 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.)
TB Problem 7-199 (Algo) Bonnie Denim Company sells blue jeans.... Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 605 units of skinny jeans with a cost of $28 per unit and a market value of $26 per unit. The inventory also includes 1,230 units of relaxed-fit jeans with a cost of $28 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.)
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.4DC
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![TB Problem 7-199 (Algo) Bonnie Denim Company sells blue jeans....
Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable, this year, relaxed-fit jeans are in style. The company
has 605 units of skinny jeans with a cost of $28 per unit and a market value of $26 per unit. The inventory also includes 1,230 units of
relaxed-fit jeans with a cost of $28 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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F10556e9b-a336-4f68-9d63-bf933f60f82a%2Fec8c5f4a-d066-4d8e-a5b4-f43d85f3ea9a%2Ftgnoxtat_processed.jpeg&w=3840&q=75)
Transcribed Image Text:TB Problem 7-199 (Algo) Bonnie Denim Company sells blue jeans....
Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable, this year, relaxed-fit jeans are in style. The company
has 605 units of skinny jeans with a cost of $28 per unit and a market value of $26 per unit. The inventory also includes 1,230 units of
relaxed-fit jeans with a cost of $28 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.)
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