Syrio's Snowboards uses the perpetual inventory system. At year end the general ledger indicated that the company had a balance of $24,000 in the Inventory account. Actual inventory on hand per a physical count was $19,000. What action does the company now need to take? No action is required because the amount is not material. Debit Purchases and credit Cost of Goods Sold, $5,000. Debit Inventory and credit Cost of Goods Sold, $5,000 Debit Cost of Goods Sold and credit Inventory, $5,000