SheffieldHome 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 forSheffield, has gathered the following data concerning inventory.

At May 31, 2020, the balance inSheffield's Raw Materials Inventory account was $444,720, and Allowance to Reduce Inventory to Market had a credit balance of $27,250. 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 onSheffield's May 31, 2020, financial statements for inventory at lower-of-cost-or-marketas applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle. Assume Garcia uses LIFO inventory costing.

see picture*****

Net Replacement Realizable Normal Cost Cost Sales Price Value Profit Aluminum siding $76,300 $68.125 $69.760 $61,040 $5.559 Cedar shake siding 93.740 86.546 102,460 92.432 8.066 Louvered glass doors 122,080 135,160 203,176 183,447 20,165 Thermal windows 152.600 137,340 168.732 152,600 16.786 Total $444,720 $427,171 $544.128 $489.519 $50,576