Bridgeport Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020. Jim Alcide, controller for Bridgeport has gathered the following data concerning inventory At May 31, 2020, the balance in Bridgeport's Raw Materials Inventory account was $510,000, and Allowance to Reduce Inventory to NRV had a credit balance of $27,340, Alcide summarized the relevant inventory cost and market data at May 31, 2020, in the schedule below. Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on Bridgeport's May 31, 2020, financial statements for inventory under the LCNRV rule as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle. Cost Sales Price Net Realizable Value Aluminum siding $87,500 $80,000 $70,000 Cedar shake siding 107,500 117.500 106,000 Louvered glass doors 140,000 233,000 210,375 Thermal windows 175,000 193,500 175,000 Total $510,000 $624,000 $561,375 (a) Determine the proper balance in Allowance to Reduce Inventory to NRV at May 31, 2020. $ Balance in the Allowance to Reduce Inventory to NRV