Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2011 with $59,000 in inventory of its only product. The beginning inventory consisted of the following layers: During 2011, 6,000 units were purchased at $8 per unit. Sales, in units, were 7,000 during 2011. Required: Calculate cost of goods sold for 2011. Show your calculation. Calculate the amount of the after-tax LIFO liquidation profit that the company must report in a disclosure note to its 2011 financial statements, assuming the amount is material. Assume an income tax rate of 40%. Show your calculation