Konan, Inc. needs to determine its inventory value. The following information pertains to the individual products in ending inventory:

Product	Cost	Replacement Cost	Selling Price	Cost of Completion	Normal Profit
L-19	$40	$38	$50	$2	$11
M-23	52	40	60	10	8
N-05	20	24	30	2	6

Assuming Konan uses the FIFO method for costing its inventory, the net realizable value for product L-19 is: