Suppose Chic Fashions, a specialty retailer, had these records for

Suppose Chic Fashions, a specialty retailer, had these records for evening gowns during 2018:

Beginning inventory (41 @ $1,025) ……………….. $ 42,025
Purchase in February (17 @ $1,050) ………………… 17,850
Purchase in June (47 @ $1,175) ……………………….. 55,225
Purchase in December (33 @ $1,200)………………. 39,600
Cost of goods available for sale…………………… $154,700

Assume that Chic sold 112 gowns during 2018 and uses the LIFO method to account for inventory. Chic’s income tax rate is 35%.

Requirements

1. Compute Chic’s cost of goods sold for evening gowns in 2018.

2. Compute what cost of goods sold would have been if Chic 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.

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