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Determine the lifo liquidation profit or loss

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Reference no: EM133045590

Problem - Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2021 with $107,100 in inventory of its only product. The beginning inventory consisted of the following layers:

5,700 units at $7 per unit $39,900

8,400 units at $8 per unit 67,200

Total $107,100

During 2021, 7,700 units were purchased at $9 per unit and during 2022, 10,400 units were purchased at $10 per unit. Sales, in units, were 10,400 and 18,800 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: EM133045590

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