USA Refund treated as income?

[NewYork140]

In November 2021, we made a purchase of $50,000 for inventory. The vendor wasn’t able to fulfill the order, and refunded us back the $50,000 in Feb 2022.
My understanding is since we treated the $50,000 in 2021 as a purchase for inventory, it was a write off for tax purposes, therefore we will have to treat the refund of the $50,000 in 2022 as income. Am I correct here?
I just want to make sure we aren’t missing something here.

 

[BIG E]

How did you treat the $ 50,000 in 2021? Did you include it in ending inventory on the balance sheet-or did you expense it out as a Cost of Goods Sold?

 

[NewYork140]

I believe it was expensed out as a cost of goods sold

 

[BIG E]

Then you should pick up the refund as income.