Metlock 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 Metlock, has gathered the following data concerning inventory. At May 31, 2020, the balance in Metlock's Raw Materials Inventory account was $465,120, and Allowance to Reduce Inventory to NRV had a credit balance of $27,640. 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 Metlock's May 31, 2020, financial statements for inventory under the LCNRV rule as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle. Cost Sales Price Net Realizable Value Aluminum siding $79,800 $72.960 $63,840 Cedar shake siding 98,040 107.160 96,672 Louvered glass doors 127,680 212.496 191,862 Thermal windows 159,600 176.472 159,600 Total $465,120 $569,088 $511,974 (a) (a) Determine the proper balance in Allowance to Reduce Inventory to NRV at May 31, 2020. Balance in the Allowance to Reduce Inventory to NRV (b) eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer The parts of this question must be completed in order. This part will be available when you complete the part above