1. Use the following to answer the question(s) below: Novelli's Nursery has developed the following data in order to calculate the lower of cost or net realizable value for its products. The individual products are listed within the categories of trees. Broad leaf trees: Selling Price Cost Ash $1,800 $1,700 Beech 2,200 1,600 Needle leaf trees: Cedar $2,500 $1,750 Fir 3,600 3,350 Fruit trees: Apple $1,800 $1,400 Cherry 2,300 1,800 The costs to sell are 10% of selling price. a. Required: Determine the reported inventory value assuming the lower of cost or net realizable value rule is applied to individual trees. Lower of Cost or Product Cost NRV NRV Ash $ 1,700 Beech 1,600 Cedar 1,750 Fir 3,350 Apple 1,400 Cherry 1,800 Inventory value