Chides storage facility was shut down due to a strike in December 2020, resulting in a drastic reduction in inventory. The company had switched to LIFO effective January 1, 2020. The following data are available. Chide is on a calendar-year reporting basis.

	Units	Unit Cost
Beginning inventory (Base layer of LIFOJanuary 1)	40,000	$1.00
Inventory purchases during 2020	900,000	$1.25
Total available for sale	940,000
Sales (valued on a LIFO basis) from:
Purchases	900,000	$1.25
Base inventory layer	20,000	$1.00
Total	920,000
Ending inventory (December 31, 2020)	20,000

What is the LIFO liquidation after-tax profit or loss assuming a 25% tax rate?

Note: Indicate a loss with a negative sign.

$Answer