Pina 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 Pina, has gathered the following data concerning inventory. At May 31, 2020, the balance in Pina's Raw Materials Inventory account was $501,840, and Allowance to Reduce Inventory to NRV had a credit balance of $27,280. 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 Pina'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. Aluminum siding Cedar shake siding Louvered glass doors Thermal windows Total Cost $86,100 105,780 137,760 172,200 $501,840 Sales Price $78,720 115,620 229.272 190,404 $614,016 Net Realizable Value $68,880 104,304 207,009 172,200 $552,393 (a) Your answer is incorrect Determine the proper balance in Allowance to Reduce Inventory to NRV at May 31, 2020. Balance in the Allowance to Reduce Inventory to NRV $ e Textbook and Media Save for Later Attempts: 1 of 3 used Submit Answer (b) For the fiscal year ended May 31, 2020, determine the amount of the gain or loss that would be recorded (using the loss method) due to the change in Allowance to Reduce Inventory to NRV. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e... (45).) The amount of the gain (loss) eTextbook and Media Save for Later Attempts: 0 of 3 used Submit