also determine the amount of gain or loss using the loss method due to the change in allowance to reduce inventory NRV

Sheffield Hurricane Helper Company installs three tyes of hurricane shutters (standard, accordian, and roll top) for single-family homes and condominium complexes along the Lousiana coast. The company is in the process of preparing its annual financial state ments for the fiscal year ended March 31, 2017, and the controller for Sheffield has gathered the following data concerning inventory At March 31, 2017, the balance in Sheffield's Finished Goods Inventory account was $ 683,700, and the Allowance to Reduce Inventory to NRV had a credit balance of $ 30,630. The relevant inventory cost and market data at March 31, 2017, is summarized in the schedule below. The controller assigned an intern from a local university the task of calculating the amount that should appear on Sheffield's March 31, 2017, financial statements for inventory under the LCNRV rule as applied to each item in inventory. The intern was not comfortable with the departure from the cost pr tprinciple. Cost Sales Price Net Realizable Value Normal Profit Replacement Cost $ 161,120 $ 160,060 Standard $15.900 $167.480 $ 191.860 291.500 278.250 29,468 Accordian 269.240 264,788 229,384 226,840 218,360 20.352 222.600 Rolltop $ 656,670 $ 65,720 $ 688,364 Total $ 683,700 S 652.748 (a1) X Your answer is incorrect. Determine the proper balance in the Allowance to Reduce Inventory to Market at March 31, 2017 Balance in the Allowance to Reduce Inventory to Market $ 35192 e Textbook and Media