B$.$ Adjusting Entries tab: The following transactions provide information for $3$ adjusting

entry transactions that need to be performed as of December $31,2021$:

Adjust for Inventory. The physical inventory count indicated $13,000$ t$-$shirts were on

hand. To complete this entry, you will need to:

a$.$ Record the dollar value of the ending inventory $(13,000$ shirts $x$ Cost of each

shirt$)$;

b$.$ Reverse the $2020$ ending inventory $($Remember: Graphix uses a periodic FIFO

inventory method$)$;

c$.$ Reverse the Purchases account $($as this is a temporary account$)$ and the

purchase returns account $($also a temporary account$)$;

d$.$ Calculate COGS using the above values.