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

Question:

The Churchill uses a periodic inventory system and the LIFO inventory cost method for its one product, Beginning inventory of 20,000 units consisted of the following, listed in chronological order of acquisition:
12,000 units at a cost of $8.00 per unit = $96,000
8,000 units at a cost of $9.00 per unit = 72,000
During 2016, inventory quantity declined by 10.000 units. All units purchased during 2016 cost $12.00 per unit.
Required:
Calculate the before-tax LIFO profit or loss that the company would report in a disclosure note, assuming the amount determined is material.
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