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, writedown of inventory value for item M-23 is: