Carla 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 Carla, has gathered the following data concerning inventory. At May 31, 2020, the balance in Carla's Raw Materials Inventory account was $501,840, and Allowance to Reduce Inventory to Market had a credit balance of $29,360. 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 Carla's May 31, 2020, financial statements for inventory at lower-of-cost-or-market as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle. Assume Garcia uses LIFO inventory costing. Cost Replacement Cost Sales Price Net Realizable Value Normal Profit Aluminum siding $86,100 $76,875 $78,720 $68,880 $6,273 Cedar shake siding 105,780 97,662 115,620 104,304 9,102 Louvered glass doors 137.760 152,520 229,272 207,009 22,755 Thermal windows 172,200 154.980 190,404 172.200 18.942 Total $501,840 $482,037 $614,016 $552,393 $57,072