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1. Lower-of-cost-or-market inventorvaccounting (20 points Assume Garcia uses LIFO inventory costing, and that...

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1. Lower-of-cost-or-market inventorvaccounting (20 points Assume Garcia uses LIFO inventory costing, and that the Allowance to Reduce Inventory to Market had a credit balance of $75,625 on May 31, 2018 before adjustment. Replacement Cost Net Realizable Value Normal Profit Cost Sales Price Aluminum siding Cedar shake siding Louvered glass doors Thermal windows Total $192,500 236,500 308,000 385,000 S1,122,000 $171,875 $176,000 258,500 512,600 346,500425,700 $1,077,725$1,372,800 $154,000 233,200 462,825 385,000 $1,235,025 $14,025 20,350 50,875 42,350 $127,600 218,350 341,000 (1) Determine the proper balance in Allowance to Reduce Inventory to Market on May 31, 2018 (Show your work, total 14 points) (2) For the fiscal year ended May 31, 2018, determine the amount of gain or loss that would be recorded due to the change in Allowance to Reduce Inventory to Market (6 points)

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