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	$ 1,920	$ 1,820
Beech	2,380	1,720
Needle leaf trees:
Cedar	$ 2,740	$ 1,870
Fir	3,900	3,470
Fruit trees:
Apple	$ 1,920	$ 1,520
Cherry	2,480	1,920

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.