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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 2021 with $60,200 in inventory of its only product. The beginning inventory consisted of the following layers: 4,600 units at $5 per unit 6,200 units at $6 per unit Total $ 23,000 37,200 $ 60,200 During 2021, 6,600 units were purchased at $7 per unit and during 2022, 8,200 units were purchased at $8 per unit. Sales, in units, were 8,200 and 14,400 during 2021 and 2022, respectively. Required: 1. Calculate cost of goods sold for 2021 and 2022. 2. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2021 and 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2021 and 2022. LIFO liquidation before-tax 2021 2022

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