On June 1, Mason Co. had a balance in inventory of $220,000. During the month, the company purchased merchandise for $40,000 and sold merchandise with a cost of $60,000. The company uses the perpetual inventory system. The physical inventory taken on June 30 indicates that $197,000 of merchandise is on hand. The adjusting entry to record inventory shrinkage will include a credit to Inventory for $23,000. a debit to Cost of Goods Sold for $23,000. a debit to Cost of Goods Sold for $3,000. a debit to Inventory for $3,000