The Foxworthy Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 72,000 units consisted of the following, listed in chronological order of acquisition:

40,000 units at a cost of $7.00 per unit = $280,000

32,000 units at a cost of $8.00 per unit = 256,000

During 2016, inventory quantity declined by 35,600 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.