George Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-famil homes and condominium complexes in northern New Jersey and southern New York. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2019, and Jake Alcorn, controller for George, has gathered the following data concer ning invento $268,000 $10,700 At May 31, 2019, the balance in George's Raw Material Inventory account was and the Allowance to Reduce Inventory to N Alcorn summarized the relevant inventory cost and market data at May 31, 2019, in the schedule below Alcorn assigned Spongebob, an intern from a local college, the task of calculating the amount that should appear on George's May 31, 2019, financial statements for inventory under the lower-of-cost-or-NRV rule as applied to each item in inventory. Spongebob expressed concern over departing from the cost principle RV had a credit balance of et Realizable Value Replacement Cost Cost Sales Price Aluminum sidin Cedar shake sidin Louvered glass doors Thermal windows $34,000 89,000 105,000 40,000 $268,000 $32,500 79,400 124,000 26,000 $261,900 $34,000 94,000 186,400 54,800 $369,200 $26,000 83,800 160,300 38,000 $308,100 Normal Profit $2,100 7,400 18,500 5,400 $33,400 Total Instructions (1) Determine the proper balance in the Allowance to Reduce Inventory to NRV at May 31, 2019 Calculations of Proper Balance on the Allowance to Reduce Inventory to NRV At May 31, 2019 LCNRV Aluminum siding Cedar shake siding Louvered glass doors Thermal windows lotals Inventory cost LCNRV valuation Allowance at May 31, 2019