Q4. Suppose Holt Renfrew, the specialty 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 Decemberat $1,300 per evening gownto keep year-end inventory at the same level it was at the beginning of the year, 50 units