Kim's Retail had 500 units of inventory on hand at the end of the year. These were recorded at a cost of $16 each using the lastin, firstout (LIFO) method. The current replacement cost is $12 per unit. The selling price charged byKim's Retail for each finished product is $19. In order to record the adjusting entry needed under the lowerofcostormarket rule, the Merchandise Inventory will be________.