SLR Corporation has $1,400$ 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 $ $58$ $ $38$

Selling price $9040$

Costs to sell $63$

Determine the carrying value of SLR$$s inventory assuming that the lower of cost or net realizable value $($LCNRV$)$ rule is applied to individual products. What is the before$-$tax income effect of the LCNRV adjustment?