Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2011 with $59,000 in inventory of its only product. The beginning inventory consisted of the following layers: During 2011, 6,000 units were purchased at $8 per unit and during 2012, 7,000 units were purchased at $9 per unit. Sales, in units, were 7,000 and 12,000 during 2011 and 2012, respectively. Required: 1. Calculate cost of goods sold for 2011 and 2012. 2. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2011 and 2012.