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Calculate cost of goods sold

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Question - Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2021 with $85,000 in inventory of its only product. The beginning inventory consisted of the following layers: 5,300 units at $6 per unit$31,800 7,600 units at $7 per unit 53,200 Total $85,000.

During 2021, 7,300 units were purchased at $8 per unit and during 2022, 9,600 units were purchased at $9 per unit. Sales, in units, were 9,600 and 17,200 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.

Reference no: EM132859755

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