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 $1,940 $1,840 Beech 2,410 1,740 Needle leaf trees: Cedar $2,780 $1,890 Fir 3,950 3,498 Fruit trees: Apple $1,940 $1,540 Cherry 2,510 1,940 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 S 1,840 $ 1,746 Beech 1,740 2.169 Cedar 1,890) 2.502 Fit 3.490 2.925 Apple 1,540 1746 www