Novelli's Nursery has developed the following data in order to calculate the lower of cost or net realizable value for its produc individual products are listed within the categories of trees. Selling Price Cost $2,200 2,800 $1,500 1,400 Broad leaf trees: Ash Beech Needle leaf trees: Cedar Fir Fruit trees: Apple Cherry $3,300 4,600 $1,550 3,150 $2,200 2,900 $1,200 1,600 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 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 Product Cost NRV Lower of Cost or NRV Beech Cedar Fir Apple Cherry Total inventory Inventory value