Exercise 8-23 (Algo) 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 20,800 units consisted of the following, listed in chronological order of acquisition: 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 2024 , inventory quantity declined by 10,800 units. All units purchased during 2024 cost $12.00 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