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: 
During 2016,inventory quantity declined by 18,000 units.All units purchased during 2016 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.
Definitions:
Cultural Beliefs
The shared norms, values, and practices that are learned from society and influence behaviors and perceptions.
Dying Process
The sequence of physical and emotional changes that lead to the end of life.
Palliative Team
A multidisciplinary group of healthcare professionals dedicated to improving the quality of life for patients with serious illnesses via symptom management and support.
Severe Pain
A high level of discomfort or distress, often requiring immediate medical intervention for relief.
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