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	$	2,060		$	1,640
Beech		2,590			1,540
Needle leaf trees:
Cedar	$	3,020		$	1,690
Fir		4,250			3,290
Fruit trees:
Apple	$	2,060		$	1,340
Cherry		2,690			1,740

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	Lover of Cost or NRV
Ash
Beech
Cedar
Fir
Apple
Cherry
Total inventory
Inventory value