[lbarczykowski]

I'm trying to do an adjusting entry with beginning balance in Inventory at $4,000,000 and I need a value in Ending Inventory of $3,550,000. Do I need to credit Inventory $450,000 and debit Purchases by the same amount?

[pready]

Your debit will be to Cost of Goods Sold.

[paraclete]

Certainly credit inventory but it is more likely your debit will be to cost of goods sold of course there is a possibility it is stock shrinkage or work in progress providing a context is useful