Reset Item to set of attributes

Do we have any way to reset the item definition after we modify the item that was created using an item template?

For example, I create an item using Purchased item template and than change some attributes like Build in WIP etc.

But now that I lose track I wanted to get the item back to the Purchased item definition as in the original.

Can I use the item template and overwrite the item attributes by the attribute settings of the template? Please assume I didnt do any transactions nor created any other item relations when I try to do this resetting activity.