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 Price Cost Broad leaf trees: Ash $ 2,040 $ 1,660 Beech 2,560 1,560 Needle leaf trees: Cedar $ 2,980 $ 1,710 Fir 4,200 3,310 Fruit trees: Apple $ 2,040 $ 1,360 Cherry 2,660 1,760 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.

CostNRVLower of Cost or NRVAshBeechBroad leaf treesCedarFirNeedle leaf treesAppleCherryFruit treesInventory value