ignment S Flint 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, 2017. Jim Alcide, controller for Flint, has gathered the following dsta concerning inventory At May 31, 2017, the balance in Flint's Raw Materials Inventory account was $448,800, and Allowance to Reduce Inventory to Market had a credit balance of $29,690. Alcide summarized the relevant inventory cost and market data at May 31, 2017, in the schedule below Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on Flint's May 31, 2017, 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 Normal Replacement Net Realizable Cost Sales Price Value $61,600 93,280 185,130 154,000 $5,610 8,140 20,350 16,940 $448,800 $431,090 $49,1 $494,010 51,040 $77,000 $68,750$70,400 103,400 205,040 170,280 Aluminum siding Cedar shake siding 94,600 87,340 Louvered gless doors 123,200 136,400 154,000 138,600 Thermal windows Total (a1) Determine the proper balance in Allowance to Reduce Inventory to Market at May 31, 2017 Balance in the Allowance to Reduce Inventory to Market 32120 (a2) For the fiscal year ended May 31, 2017, 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) Click if you would like to Show Work for this question: QRen Show Work (2430 do pil Home End PgDn Prtscn FS F7 FB