QUESTION 3 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 $1,800 $1,700 Beech 2,200 1,600 Needle leaf trees: Cedar $2,500 $1,750 Fir 3,600 3,350 Fruit trees: Apple $1,800 $1,400 Cherry 2,300 1,800 The costs to sell are 10% of selling price. 1. Determine the reported inventory value assuming the lower of cost or net realizable value rule is applied to individual trees. 2. Determine the reported inventory value assuming the lower of cost or net realizable value rule is applied to categories of trees. 3. Determine the reported inventory value assuming the lower of cost or net realizable value rule is applied to the total inventory