21 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. Selling Cost Price Broad leaf trees Ash $1,940 $1,840 Beech 2,410 1,740 Needle leaf trees: Cedar $2,780 $1,890 3,950 3,490 Fruit trees Apple $1,940 $1,540 Cherry 2,510 1,940 pped Pir The costs to sell are 10% of selling price. Required: Determine the reported inventory value assuming the lower of cost or net realizable value rule is applied to categories of trees. Product Cost NRV Lower of Cost or NRV $ $ Ash Beech Broad leaf trees Cedar Fir Needle leaf trees 1.746 $ 2,169 3,915$ 2,502 2,925 5.427 $ 1.746 2,259 4,005 $ 1,840 1,740 3,580 1,890 3,490 5,380 1,540 1,940 3,480 $ Apple Cherry Fruit trees Inventory value $ $