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https://ezto.mheducation.com/ext/map/index.htm e: Knowledge Check [due day 5] i Saved Exercise 8-23 (Static) 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 20,000 units consisted of the following, listed in chronological order of acquisition: 12,000 units at a cost of $8.00 per unit = $96,000 8,000 units at a cost of $9.00 per unit = 72,000 During 2021, inventory quantity declined by 10,000 units. All units purchased during 2021 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. LIFO liquidation profit