Problem 9-2 Marigold Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condorminium complexes. The company is in the process of preparing its annual tinancial statements for the fiscal year ended May 31, 2017. Jim Akcide, controller for Marigold, has gathered the following data concerning inventory At May 31,2017, the balance in Marigold's Raw Materials Inventory account was $420,240, and Allowance to Reduce Inventory to NRV had a credit balance of $27,400. 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 oollege, the task of calculating the amount that should appear on Marigold'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. Aluninum siding Cedar shake siding Louvered glass doors Thermal windows Sales Price $65,920 96,820 191,992 159,444 420,240 $514,176 Cost $72,100 88,580 115,360 144,200 Net Realizable Value $57,680 87.344 173,349 144,200 S462,573 Total Determine the proper balance in Allowance to Reduce Inventory to NRV at May 31, 2017 Balance in the Allowance to Reduce Inventory to NRV For the fiscal year ended May 31, 2017, 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.g. (45)) The amount of the gain (loss)