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

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

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

During 2016, inventory quantity declined by 35,600 units. Allunits purchased during 2016 cost $9.00 per unit.

Required:

Calculate the before-tax LIFO liquidation profit or loss thatthe company would report in a disclosure note assuming the amountdetermined is material.