Hazelton Corporation uses a periodic inventory system and the LIFO method to value Its inventory....
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Hazelton Corporation uses a periodic inventory system and the LIFO method to value Its inventory. The company began 2021 with $93,300 In Inventory of Its only product. The beginning Inventory consisted of the following layers: 5,100 unita at $7 per unit 7,200 unita at $8 per unit $35,700 57,600 Total $93,300 During 2021, 7,100 units were purchased at $9 per unit and during 2022, 9,200 units were purchased at $10 per unit. Sales, in units, were 9,200 and 16,400 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 Required 2 >
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