Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2016 with $80,600 in inventory of its only product. The beginning inventory consisted of the following layers: 5,800 units at $5 per unit $ 29,000 8,600 units at $6 per unit 51,600 Total $ 80,600 During 2016, 7,800 units were purchased at $7 per unit and during 2017, 10,600 units were purchased at $8 per unit. Sales, in units, were 10,600 and 19,200 during 2016 and 2017, respectively. Required: 1. Calculate cost of goods sold for 2016 and 2017.