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: 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. 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