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 $1,880 $1,780 Beech 2,320 1,680 Needle leaf trees: Cedar $2,660 $1,830 Fir 3,800 3,430 Fruit trees: Apple $1,880 $1,480 Cherry 2,420 1,888 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. Product Cost NRV Lower of Cost or NRV Ash Beech Broad leaf trees Cedar Fir $ 0 $ 0 $ 0 $ Needle leaf trees Apple Cherry Fruit trees Inventory value $ 0 $ 0 $