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 22,600 units consisted of the following listed in chronological order of acquisition 13,300 units at a cost of $9.00 per unit = $119,700 9,300 units at a cost of $10.00 per unit = 93,000 During 2021, Inventory quantity declined by 12,600 units. All units purchased during 2021 cost $15.00 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