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: $2,100 2,650 $1,600 Ash Beech 1,500 Needle leaf trees: $3,100 4,350 $1,650 3,250 Cedar Fir Fruit trees: Apple Cherry $2,100 2,750 $1,300 1,700 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. Lower of Cost or NRV Product Cost NRV Ash Beech Broad leaf trees Cedar Fir Needle leaf trees Apple Cherry Fruit trees Inventory value