Windsor Home Improvement Company installs replacement siding windows and lowered glass doors for single family homes and condominium complexes. The company is in the process of preparing its annual tancial statements for the fiscal year ended May 31, 2020. Jim Alcide controller for Windsor, has gathered the following data concerning inventory At May 31, 2020, the balance in Windsor's Raw Materials inventory account was $49.500, and Allowance to Reduce Inventory to Marathad a credit balance of $29,890. Alcide summarised 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 Windsor's May 31, 2020, financial statements for inventory at lower-of-cost or market as applied to each item in t ory Dwe e pressed concern over departing from the historical cost principle. Assume Garcia uses LIFO inventory costing Net Realizable Aluminum siding Cedar shake siding Louvered glass doors Thermal windows Cost $84.000 103.200 134.400 168000 $489,600 Replacement Cost $75,000 95,280 141,800 151.200 $470,280 Sales Price 576,800 112,800 223,680 185.760 $599,040 $67,200 101,760 201.950 166000 $538 920 Normal ProM 56 120 B,880 22200 13450 $5560 11 Determine the proper balance in Allowance to Reduce try to Marat May 31, 2020 Balance in the Allowance to Reduce Inventory to Markets s21 For the scal year ended Mwy 31, 2020, determine the amount of the gain or loss that would be recorded due to the change in Allowance to Redur tentory to Market The amount of the saints