Shrimp Hurricane Helper Company installs three types of hurricane shutters (Standard, Accordian, and Roll top) for single-family homes and condominium complexes along the Louisiana coast. The company is in the process of preparing its annual financial statements for the fiscal year ended March 31, 2020, and the controller for Shrimp has gathered the following data concerning inventory. On March 31, 2020, the balance in Shrimps Finished Goods Inventory account was $645,000, and the Allowance to Reduce Inventory to NRV had a credit balance of $30,600. The relevant inventory cost and market data as at March 31, 2020, is summarized in the schedule below. The controller assigned an intern from a local university the task of calculating the amount that should appear on Shrimps March 31, 2020, financial statements for inventory under the LCNRV rule as applied to each item in inventory. Replacement Cost Cost Sales price NRV Normal Profit Standard 181,000 152,000 158,000 151,000 15,000 Accordian 254,000 249,800 275,000 262,500 27,800 Roll top 210,000 214,000 216,400 206,000 19,200 Total 645,000 615,800 649,400 619,500 62,000

Required:

1. Determine the proper balance in the Allowance to Reduce Inventory to NRV as at March 31, 2020 2. For the fiscal year ended March 31, 2020 determine the amount of gain or loss that would be