Boyle Company uses the perpetual inventory system. At the end of the current fiscal year, the company's ledger for merchandise inventory has a balance of $25,000. The company takes a physical inventory count at the end of the year and the value of the inventory counted totals $23,250. What adjustment, if any, is required at the end of the period? a. No entry is required. b. Debit Income Summary for $1,750 and credit Merchandise Inventory for $1,750 c. Debit Merchandise Inventory for $1,750 and credit Inventory Short and Over for $1,750 d. Debit Inventory Short and Over for $1,750 and credit Merchandise Inventory for $1,750