The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 21,200 units consisted of the following, listed in chronological order of acquisition:

12,600 units at a cost of $5.00 per unit=$63,000

8,600 units at a cost of $6.00per unit=$51,600

During 2016, inventory quantity declined by 11,200 units. All units purchased during 2016 cost $9.00 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.

LIFO liquidation profit=