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	$	1,960		$	1,860
Beech		2,440			1,760
Needle leaf trees:
Cedar	$	2,820		$	1,910
Fir		4,000			3,510
Fruit trees:
Apple	$	1,960		$	1,560
Cherry		2,540			1,960

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
Apple
Cherry
Fruit trees
Inventory value