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. Required: 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. 3/112. Shown below is activity for one of the products of Denver Office Equipment: Required: Compute