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 cost Price $1,820 2,230 $1,720 1,620 Broad leaf trees: Ash Beech Needle leaf trees: Cedar Fir Fruit trees: Apple Cherry $2,540 3,550 $1,770 3,370 $1,820 2,330 $1,420 1,820 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 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 Lower of Cost or NRV |Ash Beech Cedar Apple Cherry Inventory value