Exercise 8-20 LIFO liquidation [LO8-4, 8-6] The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 20,600 units consisted of the following, listed in chronological order of acquisition: 2,300 units at a cost of $7.00 per unit $86,100 8,300 units at a cost of $8.00 per unit 66,400 During 2018, inventory quantity declined by 10,600 units. All units purchased during 2018 cost $1100 per unit. 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. IFO liquidation profit