Lump sum Problem 9-4 Indigo 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. im Alcide, controler for Indigo, has gathered the following data concerming inventory At May 31, 2017, the balance in Indigo's Raw Materials Inventory account was $489,600, and Allowance to Reduce Inventory to Market had a credit balance of $29,890. Aldde summarred the meant inventory cost and market data at May 31, 2017, in the sched-below. Aloide assigned Patrida Devereaux, an intern from a local college, the task of calculating the amount that should appear on Indigo's May 31, 2017, financial princmlin Aourme caus ro invetory s applied to each tem in invetory.Deveresx expressed concem over departing from the historical cost Net Realizable Normal Profi $6,120 CostSales PriceValue Aluminum siding Cedar shake siding Louvered glass doors Thermal windows $84,000 $75,000 103,200 95,280 148,800 168,000 151,200 $470,280 $67,200 101,760 201,960 168,000 538,920 5S 6mo 223,680 185,760 134,400 18,480 $599,040 55,680 Total $489,600 (ai) Determine the proper Balance in the Allowance to Reduce Inventory to Market (a2) For the fiscal year ended May 31, 2017, determine the balance in Allowance to Reduce Inventory to Market at May 31, 2017 y amount of the gain or loss that would be recorded due to the change in Allowance to Inventory to Market 6 8 3