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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
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 $1,780 $1,880 2,320 1.680 Broad leaf trees Ash Beech Needle leaf treest Cedar Fir Fruit treest Apple Cherry $1,830 $2,660 3,400 3,430 $1,880 2,420 $1,480 1,880 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. Product Cost NRV Cost or NR LED Ash Beech Cedar Apple Cherry Inventory value
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