Garrett Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2018 with $63,600 in inventory of its only product. The beginning inventory consisted of the following layers: 4,800 units at $5 per unit 6,600 units at $6 per unit Total S 24,000 39,600 S 63,600 During 2018, 6,800 units were purchased at $7 per unit and during 2019, 8.600 units were purchased at $8 per unit Sales, in units, were 8,600 and 15,200 during 2018 and 2019, respectively Required: 1. Calculate cost of goods sold for 2018 and 2019. 2. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2018 and 2019. Cost of Goods Sold -2018: 2019: LIFO liquidation Profit or loss -2018:2019