Kingbird 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 Kingbird, has gathered the following data concerning inventory At May 31, 2020, the balance in Kingbird's Raw Materials Inventory account was $436,560, and Allowance to Reduce Inventory to Market had a credit balance of $29,710. 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 Kingbird'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. Net Replacement Realizable Normal Sales Price Profit Cost Cost Value Aluminum siding $74,900 $66,875 $68,480 $59,920 $5,457 Cedar shake sid ing 7,918 100,580 90,736 92,020 84,958 Louvered glass doors 132,680 199,448 119,840 180,081 19,795 Thermal windows 165,636 149,800 149,800 134,820 16,478 Total $436,560 $419,333 $534,144 $480,537 $49,648 (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)