Product 1 Product 2 $62 $46 60 Cost Replacement cost Selling price Selling costs Normal profit 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? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of SLR's inventory assuming that the lower of cost or market (LCM) rule is applied to individual products. Lower of Product Cost Market Cost Cost or Market 86.800 $ $ 64 X 62 46 Per Unit Inventory Unit Value 62 1,400 $ 44 1,400 Cost $ Inventory value 86.800 64.400 151 200 53.200 $ 140,000