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The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for...

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Accounting

The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 22,200 units consisted of the following, listed in chronological order of acquisition:

13,100 units at a cost of $9.00 per unit = $117,900

9,100 units at a cost of $10.00 per unit = 91,000

During 2021, inventory quantity declined by 12,200 units. All units purchased during 2021 cost $13.00 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.

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