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What jayson should uses a perpetual inventory system

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Problem 1: Jayson Products uses a perpetual inventory system. At year-end, the Inventory account had a balance of $280,000, but a complete year-end physical inventory indicated goods on hand costing only $273,000. Jayson should:

A. Reduce the balance in the Inventory control account and record a current liability, both in the amount of $7,000.

B. Record a $7,000 current liability.

C. Reduce its cost of goods sold by $7,000.

D. Reduce the balance in its Inventory control account and inventory subsidiary ledger by $7,000.

Reference no: EM132628375

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