Suppose Brian Smith, the specialty retailer, produced these records for ladies' evening gowns during the current year. Assume sales of evening gowns totalled 134 units during the current year, and Brian uses the FIFO cost method under the perpetual inventory system to account for inventory. The income tax rate is 35%. Read the requirements. Requirement 1. Compute Brian's cost of goods sold for evening gowns for the current year. Requirement 2. Brian Smith is thinking of changing inventory costing methods from FIFO to weighted-average cost. Is it allowed to make this change? Briefly explain. companies to change its accounting method. It is allowed if the change results in the \begin{tabular}{|c|c|} \hline Beginning inventory (25@$700)... & $17,500 \\ \hline Purchase in February (26 @ \$800)... & 20,800 \\ \hline Purchase in June (63@$1,300)..... & 81,900 \\ \hline Purchase in December (22@$1,600). & 35,200 \\ \hline Goods available. & $155,400 \\ \hline \end{tabular} 1. Compute Brian's cost of goods sold for evening gowns for the current year. 2. Brian Smith is thinking of changing inventory costing methods from FIFO to weighted-average cost. Is it allowed to make this change? Briefly explain