Current Attempt in Progress Grouper 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 Grouper, has gathered the following data concerning inventory. At May 31, 2020, the balance in Grouper's Raw Materials Inventory account was $473,280, and Allowance to Reduce Inventory to Market had a credit balance of $25,830. 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 Grouper'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. Replacement Cost Net Realizable Value Cost Sales Price Normal Profit Aluminum siding Cedar shake siding Louvered glass doors Thermal windows Total $81,200 99,760 129,920 162,400 $473,280 $72,500 92,104 143,840 146,160 $74,240 109,040 216,224 179,568 $64,960 98,368 195,228 162,400 $520,956 $5,916 8,584 21,460 17,864 $53,824 $454,604 $579,072 (1) Determine the proper balance in Allowance to Reduce Inventory to Market at May 31, 2020. (a1) Determine the proper balance in Allowance to Reduce Inventory to Market at May 31, 2020. Balance in the Allowance to Reduce Inventory to Market $ | (a2) For the fiscal year ended May 31, 2020, determine the amount of the gain or loss that would be recorded due to the change in Allowance to Reduce Inventory to Market. The amount of the gain (loss) $