E 8-23 LIFO liquidation (5) LO8-4, LO8-6 The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 20,000 units consisted of the following, listed in chronological order of acquisition: 12,000unitsatacostof$8.00perunit8,000unitsatacostof$9.00perunit=$96,000=72,000 During 2024, inventory quantity declined by 10.000 units. All units purchased during 2024 cost $12.00 per unit. Required: Calculate the beforetax LIFO liquidation proft or loss that the company would report in a disclosure note, assuming the amount determined is material