Information from ABC Company during the year:

Beginning Inventory $=$ $$60,000$

Purchases $=6$ widgets at $$5,000$ each

Sales $=8$ widgets that cost $$5,000$ each

Ending Inventory $=$ $$50,000$

Using the Periodic Inventory Method, determine the adjusting journal entry ABC should book at the end of the period. Select the multiple$-$choice question that best fits your answer.

Select one:

a$.$ Debit Purchases for $$30,000$

b$.$ Debit Beginning Inventory for $$60,000$

c$.$ Debit COGS for $$40,000$

d$.$ Credit Ending Inventory for $$50,000$