Question 41 Complete Points out of 4-30 P Flag question Novelli's Nursery has developed the following data for lower of cost or market for its products. The individual types of trees are separated as to their categories: Selling Price Cost Cost to Replace Broad leaf trees: Ash $1,800 $1,000 $800 2,200 1,600 1,400 $2.500 $1,750 $1,800 Beech Needle leaf trees: Cedar Fir Fruit trees: Apple Cherry 3,600 3,350 3,200 $1,400 $1,300 $1,800 2,300 1,800 1,700 The costs to sell are 10% of the selling price, and the normal profit margin on all trees is 20% of the selling price. Required: Determine the reported inventory value assuming the lower of cost or market rule is applied to individual tree products