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: Ashi $1,720 $1,660 Beech 2,560 1,560 Needle leaf trees: Cedar $2,980 $1,710 Fir 3,000 3,310 Fruit treest Apple $2,040 Cherry 2,660 $1,360 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 individual trees Lower of Product Cost NRV Cost or NRV Ash $ 1,660 S 1.548 S 1.548 Beech 1,560 2304 1,560 Cedar 1,710 2.682 1.710 Fir 3,310 2700 2.700 Apple 1.360 1,836 1360