The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 22,400 units consisted of the following, listed in chronological order of acquisition: 13,200 units at a cost of $6.00 per unit = $79,200 9,200 units at a cost of $7.00 per unit = 64,400 During 2021, inventory quantity declined by 12,400 units. All units purchased during 2021 cost $11.00 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