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 $1,900 $1,800 Beech. 2,350 1,700 Needle leaf trees: Cedar $2,700 $1,850 Fir 3,350 3,450 Fruit trees: Apple $1,900 $1,500 Cherry 2,450 1,900