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LIFO liquidation [LO8-4, 8-6]
The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 21,600 units consisted of the following, listed in chronological order of acquisition:
12,800 units at a cost of $8.00 per unit = $102,400
8,800 units at a cost of $9.00 per unit = 79,200
During 2018, inventory quantity declined by 11,600 units. All units purchased during 2018 cost $12.00 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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