Sheffield 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 Sheffield, has gathered the following data concerning inventory. At May 31, 2020, the balance in Sheffields Raw Materials Inventory account was $501,840, and Allowance to Reduce Inventory to Market had a credit balance of $29,360. 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 Sheffields May 31, 2020, financial 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.

		Cost		Replacement Cost			Sales Price			Net Realizable Value			Normal Profit
Aluminum siding		$86,100		$76,875			$78,720			$68,880			$6,273
Cedar shake siding		105,780		97,662			115,620			104,304			9,102
Louvered glass doors		137,760		152,520			229,272			207,009			22,755
Thermal windows		172,200		154,980			190,404			172,200			18,942
Total		$501,840		$482,037			$614,016			$552,393			$57,072