The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 20,800 units consisted of the following, listed in chronological order of acquisition:

12,400 units at a cost of $8.00 per unit = $99,200

8,400 units at a cost of $9.00 per unit = 75,600

During 2021, inventory quantity declined by 10,800 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.