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Your answer is correct. Determine the proper balance in Allowance to Reduce Inventory to NRV at May 31, 2020. Balance in the Allowance to Reduce Inventory to NRV 15352 eTextbook and Media Attempts: 1 of 3 used (b) Your answer is incorrect. For the fiscal year ended May 31, 2020, determine the amount of the gain or loss that would be recorded (using the loss method) due to the change in Allowance to Reduce Inventory to NRV. (Enter loss using either a negative sin preceding the number eg.-45 or parentheses es. (45) The amount of the gain (loss) Show Attempt History Current Attempt in Progress Wildhorse 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 Wildhorse, has gathered the following data concerning inventory. At May 31, 2020, the balance in Wildhorse's Raw Materials Inventory account was $412,080, and Allowance to Reduce Inventory to NRV had a credit balance of $27,470. 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 Wildhorse's May 31, 2020, financial statements for inventory under the LCNRV rule as applied to each item in inventory Devereaux expressed concern over departing from the historical cost principle. Cost Sales Price Net Realizable Value Aluminum siding $70,700 $64,640 $56.560 Cedar shake siding 86,860 94.940 85,648 Louvered glass doors 113,120 188,264 169.983 Thermal windows 141.400 156,348 141.400 Total $412,080 $504,192 $453,591 A a) Your answer is correct Determine the proper balance in Allowance to Reduce inventory to NRV at May 31.2010