ABC uses a periodic inventory system, and the ending inventory for each year is determined by taking a complete physical inventory at year$-$end. A physical count was taken on December $31,2021,$ and the inventory on$-$hand at

that time totaled $$50,000,$ which reflects historical cost. Record the adjusting entry for properly recognizing

$2021$ Cost of Goods Sold. Hint: This was the first year of operations, so beginning inventory balance is zero. HELP WITH JOURNAL ENTRY!