Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2016 with $77,000 in inventory of its only product. The beginning inventory consisted of the following layers:

4,900 units at $6 per unit		$	29,400
6,800 units at $7 per unit			47,600
Total		$	77,000

During 2016, 6,900 units were purchased at $8 per unit and during 2017, 8,800 units were purchased at $9 per unit. Sales, in units, were 8,800 and 15,600 during 2016 and 2017, respectively.

Required:

1.

Calculate cost of goods sold for 2016 and 2017.

Cost of goods sold:
2016
2017

2.

Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2016 and 2017.

LIFO liquidation before-tax
2016
2017