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 $1,820 $1,720 Beech 2,230 1,620 Needle leaf trees: Cedar $2,540 $1,770 Fir 3,650 3,370 Fruit trees: Apple Cherry $1,820 2,330 $1,420 1,820 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 Beech Cedar Fir Apple Cherry Total inventory Inventory value