The Foxworthy Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 70,000 units consisted of the following, listed in chronological order of acquisition: 39,000 units at a cost of $5.00 per unit = $ 195,000 31,000 units at a cost of $6.00 per unit = 186,000

During 2021, inventory quantity declined by 34,500 units. All units purchased during 2021 cost $7.00 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.