Lee Home Improvement Company installs replacement siding, wi…
Questions
Lee Hоme Imprоvement Cоmpаny instаlls replаcement 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. Andrea Spain, controller for Lee, has gathered the following data concerning inventory. At May 31, 2020, the balance in Lee’s Raw Materials Inventory account was $464,910, and Allowance to Reduce Inventory to Market had a credit balance of $31,450. Spain summarized the relevant inventory cost and market data at May 31, 2020, in the schedule below. Spain assigned Peter DeGabriel, an intern from a local college, the task of calculating the amount that should appear on Lee’s May 31, 2020, financial statements for inventory at lower-of-cost-or-market as applied to each item in inventory. DeGabriel expressed concern over departing from the historical cost principle. Assume Lee uses LIFO inventory costing. Cost Replacement Cost Sales Price Net Realizable Value Normal Profit Aluminum siding $78,000 $69,890 $71,800 $62,500 $6,150 Cedar shake siding $95,200 $89,560 $105,700 $93,280 $9,850 Louvered glass doors $131,870 $139,450 $208,000 $189,420 $23,840 Thermal windows $159,840 $142,800 $175,620 $159,000 $18,540 Total $464,910 $441,700 $561,120 $504,200 $58,380 Determine the proper balance in Allowance to Reduce Inventory to Market at May 31, 2020. Do NOT use a dollar sign ($) in your answer. Round to the nearest dollar. Balance in the Allowance to Reduce Inventory to Market $[1] For the fiscal year ended May 31, 2020, determine the amount of the gain or loss that would be recorded due to the change in Allowance to Reduce Inventory to Market. Do NOT use a dollar sign ($) in your answer. Indicate loss with either parenthesis or a negative sign (-). Round to the nearest dollar. The amount of gain (loss) $[2]
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