Problem 9-4 Coronado 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, 2017. Jim Alcide, controller for Coronado, has gathered the following data concerning inventory. At May 31, 2017, the balance in Coronado's Raw Materials Inventory account was $477,360, and Allowance to Reduce Inventory to Market had a credit balance of $29,030. 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 Coronado's May 31, 2017, inancial statements for inventory at lower-of- cost-or-market as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle. Assume Garcia uses LIFO inventory costing Net Realizable Value $65,520 99,216 196,911 163,800 $525,447 Normal Profit $5,967 8,658 21,645 18,018 $54,288 Replacement Aluminum siding Cedar shake siding Louvered glass doors Thermal windows Cost $81,900 100,620 131,040 163,800 Cost $73,125 92,898 145,080 147,420 Sales Price $74,880 109,980 218,088 181,116 $584,064 Total $477,360 $458,523 (a1) Determine the proper balance in Allowance to Reduce Inventory to Market at May 31, 2017 Balance in the Allowance to Reduce Inventory to Market (a2) For the fiscal year ended May 31, 2017, determine the amount of the gain or loss that would be recorded due to the change in Allowance to Reduce Inventory to Market. The amount of the gain (loss) Click if you would like to Show Work for this