The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 22,000 units consisted of the following, listed in chronological order of acquisition:

13,000 units at a cost of $8.00 per unit =	$104,000
9,000 units at a cost of $9.00 per unit =	81,000

During 2016, inventory quantity declined by 12,000 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.