Please help

Instructions At what amount should each of the four desks appear in the company's December 31,2017, inventory, assuming that the company has adopted a lower-of-FIFO-cost-or-net realizable value (LCNRV) approach for valuation of inventories on an individual-item basis? P9-2 (LO1) (LCNRV) Gacia 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 ay 31,2017. Jim Alcide, controller for Garcia, has gathered the following data concerning inventory At May 31, 2017, the balance in Garcia's Raw Materials Inventory account was $408,000, and Allowance to Reduce Inventory to NRV had a credit balance of $27,500. Alcide summarized the relevant inventory cost and market data at May 31, 2017, in the schedule below Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on Garcia's May 31, 2017, 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. Net Realizable CostSales PriceValue Aluminum siding Cedar shake siding Louvered glass doors Thermal windows S 70,000 86,000 112,000 140,000 $408,000 64,000 94,000 186,400 54,800 $499,200 $ 56,000 84,800 168,300 40,000 $449,100 Total Instructions (a) Determine the proper balance in Allowance to Reduce Inventory to NRV at May 31, 2017 (b) For the fiscal year ended May 31,2017, determine the amount of the gain or loss that would be recorded (using the los method) due to the change in Allowance to Reduce Inventory to NRV (e) Explain the rationale for the use of the LCNRV rule as it applies to inventories