Waterway 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, 2025. Jim Alcide, controller for Waterway, has gathered the following data concerning inventory. At May 31, 2025, the balance in Waterway's Raw Materials Inventory account was $497,760. Alcide summarized the relevant inventory cost and market data at May 31, 2025, in the schedule below. Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on Waterway's May 31, 2025, financial statements for inventory under the lower-of-cost-or-market rule as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle. Consider the following expanded data at May 31, 2025. Assume Waterway uses LIFO inventory costing. Cost Replacement Cost Sales Price Net Realizable Value Normal Profit Aluminum siding $85,400 $76,250 $78,080 $68,320 $6,222 Cedar shake siding 104,920 96.868 114,680 103,456 9,028 Louvered glass doors 136,640 151,280 227,408 205,326 22,570 Thermal windows 170,800 153,720 188,856 170,800 18,788 Total $497,760 $478,118 $609.024 $547,902 $56,608