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Hazelton Corporation uses a periodic inventory system and the UFO method to value its inventory. The company began 2024 with $59,000 in inventory of its only product. The beginning inventory consisted of the following layers: During 2024,6,000 units were purchased at $8 per unit and during 2025, 7,000 units were purchased at $9 per unit. Sales. in units. were 7,000 and 12,000 during 2024 and 2025 , respectively. Required: 1. Calculate cost of goods sold for 2024 and 2025 . 2. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2024 and 2025. Complete this question by entering your answers in the tabs below. Calculate cost of goods sold for 2024 and 2025 . Hazelton Corporation uses a periodic inventory system and the LFO method to volue its inventory. The company began 2024 with $59,000 in inventory of its only product. The beginning inventory consisted of the following loyers: During 2024,6,000 units were purchased at $8 per unit and during 2025,7,000 units were purchased at $9 per unit Sales, in units, were 7,000 and 12,000 during 2024 and 2025 , respectively. Required: 1. Calculate cost of goods sold for 2024 and 2025 . 2. Disregarding income tax, determine the LiFO liquidation profit or loss, if any, for 2024 and 2025. Complete this question by entering your answers in the tabs below. Disregarding income tax, determine the Lifo liquidation profit or loss, it any, for 2024 and 2025

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