Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2016 with dollar 84,000 in inventory of its only product. The beginning inventory consisted of the following layers: During 2016, 8,000 units were purchased at dollar 7 per unit and during 2017, 11,000 units were purchased dollar 8 per unit. Sales, in units, were 11,000 and 20,000 during 2016 and 2017, respectively. Calculate cost of goods sold for 2016 and 2017 Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2016 and 2017