Business, 15.04.2020 15:34, daniellaZemira

Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2018 with $69,000 in inventory of its only product. The beginning inventory consisted of the following layers:4,500 units at $6 per unit $ 27,000 6,000 units at $7 per unit 42,000 Total $ 69,000 During 2018, 6,500 units were purchased at $8 per unit and during 2019, 8,000 units were purchased at $9 per unit. Sales, in units, were 8,000 and 14,000 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.

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Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. Th...