Novelll'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 $1,740 $1,640 Beech 2,590 1,540 Needle leaf trees: Cedar $3,eze $1,690 Fir 3,400 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 Individual trees Product Cost NRV Lower of Cost or NRV $ Ash Beech Cedar Fir Applo Cherry Inventory value 1.7407 s 2,500 3,020 3,400 2,080 2,690 1,566 $ 2,331 2,718 3,060 1,854 2.421 S 1,586 1,540 1.690 3,060 1.340 1.740 10,936