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Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory....

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Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2016 with $59,000 in inventory of its only product. The beginning inventory consisted of the following layers: 4,000 units at $6 per unit 24,000 5,000 units at $7 per unit 35,000 Total $59,000 During 2016, 6,000 units were purchased at $8 per unit and during 2017, 7,000 units were purchased at $9 per unit. Sales, in units, were 7,000 and 12,000 during 2016 and 2017, respectively 1. Calculate cost of goods sold for 2016 and 2017 2. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2016 and 2017

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