The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 20,600 units consisted of the following, listed in chronological order of acquisition: 12,300 units at a cost of $7.00 per unit = $86,100 8,300 units at a cost of $8.00 per unit = 66,400 During 2024, inventory quantity declined by 10,600 units. All units purchased during 2024 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.

The Churchill Corporation uses a periodic inventory system and the L.IFO inventory cost method for its one product. Beginning inventory of 20,600 units consisted of the following. listed in chronological order of acquisition: 12,300 units at a cost of $7.00 per unit =$86,100 8,300 units at a cost of $8.00 per unit =66,400 During 2024, inventory quantity declined by 10,600 units. All units purchased during 2024 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