Problem 7 Novelli's Nursery has developed the following data for lower of cost and net realizable valuation for its products Selling Price Cost Broad leaf trees: Ash Beech Needle leaf trees: Cedar $1,800 1,700 2,200 1,600 2,500 1,750 ir 3,600 3,350 Fruit trees $1,800 $1,400 Cherry The costs to sell are 10% of selling price Required: 1. Determine the reported inventory value assuming the lower of cost and net realizable value rule is applied to individual trees 2. Determine the reported inventory value assuming the lower of cost and net realizable value rule is applied to classes of trees. 3. Determine the reported inventory value assuning the lower of cost and net realizable value rule is applied to the total inventory 2,300 1,800