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 2016, inventory quantity declined by 12,600 units All units purchased during 2016 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. References eBook & Resources Learning Objective: 08-04 Differentiate between the specific identification, FIFO, LIFO, and average cost methods used to determine the cost of ending inventory and cost of goods sold. Worksheet