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:     Product 1 Product 2 Cost $50 $34 Selling price $70 $36 Costs to sell $6 $4 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. Product Cost NRV Per Unit Inventory Value Unit Cost Lower of Cost or NRV 1       1,000     2       1,000           Cost           Inventory value   What is the before-tax income effect of the LCNRV adjustment? (higher by/lower by/no effect) __________ (amount)

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