The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 21,400 units consisted ofthe following, listed in chronological order of acquisition: 12,700 units at a cost of $9.00 per unit = $114,300 8,700 units at a cost of $10.00 per unit = 87,000 During 2021, inventory quantity declined by 11,400 units. All units purchased during 2021 cost $14.00 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