04. Suppose Holt Renfrew, the spedalty retailer, had these records for ladies' evening gowns during 2017 Beginning inventory (50 @ $1,000) $ 30,000 Purchase in February (26 @ $1,100) 27,500 Purchase in June (75 @ $1,200) 72,000 Purchase in December (40 @ $1,300) 32,500 Goods available $162,000 Assume sales of evening gowns totalled 156 units during 2017 and that Holt uses the weighted- average-cost method under the periodic inventory system to account for inventory. The income tax rate is 30%. Requirements: 1. Compute Holt's cost of goods sold for evening gowns in 2017 2. Compute what cost of goods sold would have been if Holt had purchased enough inventory in December-at $1,300 per evening gown-to keep year-end Inventory at the same level it was at the beginning of the year, 50 units