Chapter 8 HWA Saved 1 The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 20,800 units consisted of the following, listed in chronological order of acquisition: 0.44 points 12,400 units at a cost of $8.00 per unit = $99,200 8.400 units at a cost of $9.00 per unit = 75,600 During 2021, inventory quantity declined by 10,800 units. All units purchased during 2021 cost $12.00 per unit. eBook Required: Calculate the before-tax LIFO liquidation profit or loss that the company would report in a disclosure note, assuming the amount determined is material. References