BE 9-4 Lower of cost or market LO9-1 [This is a variation of BE 9-2, modified to focus on the lower of cost or market.] SLR Corporation has 1,000 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: Product 1 Product 2 Cost $50 $34 Replacement cost 48 26 Selling price 70 36 Selling costs 6 4 Normal profit 10 8 Determine the carrying value of SLR's inventory assuming that the lower of cost or market (LCM) rule is applied to individual products. What is the before-tax income effect of the LCM adjustment?