The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one prod-uct. 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 2016, inventory quantity declined by 10,000 units. All units purchased during 2016 cost $12.00 per unit.

Required: Calculate the before-tax LIFO liquidation profit or loss that the company would report in a disclosure note, assum-ing the amount determined is material.