Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2021 with $67,000 in inventory of its only product. The beginning inventory consisted of the following layers: 5,000 units at $5 per unit 7,000 units at $6 per unit Total $25,000 42.000 $67,000 During 2021, 7,000 units were purchased at $7 per unit and during 2022,9,000 units were purchased at $8 per unit. Sales, in units, were 9.000 and 16,000 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 Calculate cost of goods sold for 2021 and 2022 Cost of goods sold: 2021 2022 Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2021 with $67,000 in inventory of its only product. The beginning inventory consisted of the following layers: 5,000 units at $5 per unit 7,000 units at $6 per unit Total $25,000 42,000 $67,000 During 2021, 7.000 units were purchased at $7 per unit and during 2022, 9,000 units were purchased at $8 per unit. Sales, in units, were 9,000 and 16,000 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