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 LIFO method for costing its inventory, the lower of cost or market for item M-23 is: