The Foxworthy Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 40.000 units consisted of the following, listed in chronological order of acquisition: 24,000 units at a cost of $6.00 per unit = $144,000 I 16,000 units at a cost of $7.00 per unit 112,000 During 2018, inventory quantity declined by 18.000 units. All units purchased during 2018 cost $8.00 per unit Required: (10 points) Calculate the before tax LIFO Niquidation profit or loss that the company would report in a disclosure note assuming the amount determined is material