SLR Corporation has 1,000 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: Cost Replacement cost Selling price Selling costs Normal profit Product 1 $ 66 65 86 22 26 Product 2 $50 42 52 5 9 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? 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. Product Cost Market Per Unit Inventory Value Unit Cost Lower of Cost or Market 1 $ 66 1,000 1,000 2 50 42,000 Cost $ 0 Inventory value $ 42,000