Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2024 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 2024, 6,000 units were purchased at $8 per unit and during 2025, 7,000 units were purchased at $9 per unit. Sales, in units, were 7,000 and 12,000 during 2024 and 2025, respectively.

Required: Calculate cost of goods sold for 2024 and 2025. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2024 and 2025.