Jayson Products uses a perpetual Inventory system. At year-end, the Inventory account had a balance of $383,000, but a complete year-end physical Inventory Indicated goods on hand costing only $373,300. Jayson should Reduce its cost of goods sold by $9,700. Record a $9,700 current liability. Reduce the balance in its Inventory controlling account and inventory subsidiary ledger by $9,700. Reduce the balance in the Inventory controlling account and record a current liability, both in the amount of $9, Hicksville's Department Store uses a perpetual Inventory system. At year-end, the balance in the Inventory controlling account is $1,300,000. Assuming that the Inventory records have been maintained properly, a year-end physical Inventory: O is unnecessary. O is needed to establish the ending inventory, as the $1,300,000 balance in the Inventory controlling account represents the beginning inventory. O Probably will indicate more than $1,300,000 in merchandise on hand. O Probably will indicate less than $1,300,000 in merchandise on hand