The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 20,400 units consisted of the following, listed in chronological order of acquisition: 12,200 units at a cost of $8.00 per unit = $97,600 8,200 units at a cost of $9.00 per unit = 73,800 During 2016, inventory quantity declined by 10,400 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 assuming the amount determined is material.