Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2021 with $77,000 in inventory of its only product. The beginning inventory consisted of the following layers: 4,900 units at $6 per unit 6,800 units at $7 per unit Total $29,400 47,600 $77,000 During 2021, 6,900 units were purchased at $8 per unit and during 2022, 8,800 units were purchased at $9 per unit. Sales, in units, were 8,800 and 15,600 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