Novelli's Nursery has developed the following data in order to calculate the lower of cost or...

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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: Ash Beech Needle leaf trees: Cedar Fir Fruit trees: Apple Cherry Selling Price Cost $2,000 2,500 $ 1,900 1,800 $ 2,900 4,100 $1,950 3,550 $2,000 2,600 $1,600 2,000 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 the total inventory Product Cost NRV Lower of Cost or NRV Ash Beech Cedar Fir Apple Cherry Total inventory Inventory value 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: Ash Beech Needle leaf trees: Cedar Fir Fruit trees: Apple Cherry Selling Price Cost $2,000 2,500 $ 1,900 1,800 $ 2,900 4,100 $1,950 3,550 $2,000 2,600 $1,600 2,000 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 the total inventory Product Cost NRV Lower of Cost or NRV Ash Beech Cedar Fir Apple Cherry Total inventory Inventory value