pontoon company uses the perpetual inventory system. it began operations in october. october through december, the accounting information system shows that purchases of $67,000 were made. pontoon returned goods with a cost of $3,600. inventory with a cost of $53,300 was sold during the three months. these were the only inventory transactions during the period. a physical count of inventory at the end of december reported total inventory of $9,800 remains on hand. an adjustment to bring the perpetual inventory count in line with the physical count would include a debit to inventory over and short (or cost of goods sold) for
