Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2018 with $70,300 in inventory of its only product. The beginning inventory consisted of the following layers:

4,100 units at $7 per unit	$	28,700
5,200 units at $8 per unit		41,600
Total	$	70,300

During 2018, 6,100 units were purchased at $9 per unit and during 2019, 7,200 units were purchased at $10 per unit. Sales, in units, were 7,200 and 12,400 during 2018 and 2019, respectively.

Required:

1. Calculate cost of goods sold for 2018 and 2019.

2. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2018 and 2019.