Suppose Holt Renfrew, the specialty retailer, had these records for ladies' evening gowns during 2017 (Click icon to view records.) Assume sale of evening gowns totalled 131 units during 2017 and that Holt's uses the weight-average-cost method under the periodic inventory system to account for inventory. The income tax rate is 28%. 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 $1,350 per evening gownto keep year-end inventory at the same level it was at the beginning of the year, 32 units. Requirement 1. Compute Holt's cost of goods sold for evening gowns in 2017. (Round all interim calculations to the nearest whole dollar. Round your answer to the nearest whole dollar.) The cost of goods sold is $ Requirement 2. Compute what cost of goods sold would have been if Holt had purchased enough inventory in December-at $1,350 per evening gownto keep year-end inventory at the same level it was at the beginning of the year, 32 units. The cost of goods with the new units would be s 0 Accounting records - X Beginning inventory (32 @ $1,100). .................. Purchase in February (24 @ $1,250)....... Purchase in June (61 @ $1,300) Purchase in December (21 @ $1,350)... $ 35,200 30,000 79,300 28,350 $ 172,850 Goods available.......... Print Print Done Done Suppose Holt Renfrew, the specialty retailer, had these records for ladies' evening gowns during 2017 (Click icon to view records.) Assume sale of evening gowns totalled 131 units during 2017 and that Holt's uses the weight-average-cost method under the periodic inventory system to account for inventory. The income tax rate is 28%. 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 $1,350 per evening gownto keep year-end inventory at the same level it was at the beginning of the year, 32 units. Requirement 1. Compute Holt's cost of goods sold for evening gowns in 2017. (Round all interim calculations to the nearest whole dollar. Round your answer to the nearest whole dollar.) The cost of goods sold is $ Requirement 2. Compute what cost of goods sold would have been if Holt had purchased enough inventory in December-at $1,350 per evening gownto keep year-end inventory at the same level it was at the beginning of the year, 32 units. The cost of goods with the new units would be s 0 Accounting records - X Beginning inventory (32 @ $1,100). .................. Purchase in February (24 @ $1,250)....... Purchase in June (61 @ $1,300) Purchase in December (21 @ $1,350)... $ 35,200 30,000 79,300 28,350 $ 172,850 Goods available.......... Print Print Done Done