Suppose In Style Fashions, a specialty retailer, had these records for ladies’ evening gowns during 2012.
Beginning inventory (44 @ $975) ....................... $ 42,900
Purchase in February (19 @ $1,050) .................. 19,950
Purchase in June (55 @ $1,100) ......................... 60,500
Purchase in December (31 @ $1,200)................. 37,200
Goods available for sale ..................................... $160,550

Assume in Style sold 117 gowns during 2012 and uses the LIFO method to account for inventory. The income tax rate is 35%.
Requirements
1. Compute In Style’s cost of goods sold for evening gowns in 2012.
2. Compute what cost of goods sold would have been if In Style had purchased enough inventory in December—at $1,200 per evening gown—to keep year-end inventory at the same level it was at the beginning of the year.