Novelli's Nursery has developed the following data for lower of cost and net realizable valuation for its products:

	Selling Price			Cost
Broad leaf trees:
Ash	$	1,900		$	1,800
Beech		2,350			1,700
Needle leaf trees:
Cedar	$	2,700		$	1,850
Fir		3,350			3,450
Fruit trees:
Apple	$	1,900		$	1,500
Cherry		2,450			1,900

The costs to sell are 10% of selling price.

Required:

Determine the reported inventory value assuming the lower of cost and net realizable value rule is applied to individual trees.

Lower of Cost and NRV Product Cost NRV Ash Ash Beech Cedar ir Apple Cherry Inventory value