Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2013 with $59,000 in inventory of its only product. The beginning inventory consisted of the following layers: 
During 2013, 6,000 units were purchased at $8 per unit and during 2014, 7,000 units were purchased at $9 per unit. Sales, in units, were 7,000 and 12,000 during 2013 and 2014, respectively.
Required:
1. Calculate cost of goods sold for 2013 and 2014.
2. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2013 and 2014.
Definitions:
Demonetization
The act of stripping a currency unit of its status as legal tender, usually to replace it with new notes or coins.
Political Instability
A situation where a country experiences changes in its political environment that can affect its government's ability to govern effectively.
Depreciation
A decrease in the value of one currency relative to another currency.
Economic Disaster
An economic disaster refers to a sudden and severe downturn in the economy, leading to significant financial loss, high unemployment rates, and often a decline in the standard of living.
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