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 16,808 units at a cost of $7.00 per unit $144,000 112,000 During 2018, inventory quantity declined by 18,000 units. All units purchased during 2018 cost $8.00 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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