ot Copy of Chapter Problem 9-2 mework Garcia Home Improvement Company installs replacement siding, windows, and kouvered glass doors for single-family hames and condominium complexes in northern New Jersey and southern New York. The company is in the of preparing its annual finandial statements for the fiscal year ended May 31, 2014, and lim Alcide, controller for Garcia, has gathered the following data concerning inventory At May 31, 2014, the balance in Garcia's Raw Materials Inventory account was $449,208, and Allowance to Reduce Inventory to Market had a credit balance of $26,580. Alcide summarized the relevant inventory cost and market data at May 31, 2014, in the schedule below Alcide assigned Patricia Devereaux, an intern from a local college, the task of caloulating the amount that should appear on Garcia's May 31, 2014, financial statements for inventory under the lower-of-cast-or-market rule as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost prindiple Aluminum siding Cedar shake siding Louvered glass doors Thermal windows $ 77,070 94,686 123,312 154,140 $449,208 $ 68,813 87,419 136,524 13B,726 $431,482 $ 70,464 103,494 205,226 170,435 $549,619 $ 61,656 93,365 185,298 154,140 8,147 20,369 16,955 $51,086 Total (a1) Determine the proper balance in Allowance to Reduce Inventory to Market at May 31, 2014. Balance in the Allowance to Reduce Enventory to Market (a2) For the fiscal year ended May 31, 2014, determine the amount of the gain or loss that would be recorded due to the change in Allowance to Reduce Inventory to Market The Click if you would like to Show Work for this question: Qpen Show Wark