Rayonier Inc is a timberland real estate investment trust with assets located in some of the most productive timber growing regions in the United States. Rayonier has created the following data in order to calculate the lower of cost or net realizable value for its premium products. The individual Rayonier products are listed within the categories of trees: Selling Price Cost Broad leaf trees: Ash Beech $ 1,920 2,380 $1,820 1,720 Needle leaf trees: Cedar $2,740 $1,870 Fir 3,300 3,470 Fruit trees: Apple $1,920 $ 1,520 Cherry 2,480 1,920 Please note: the costs to sell are 10% of selling price. Required: Determine the reported Rayonier's inventory value assuming the lower of cost or net realizable value rule is applied to individual trees Ash Beech Cedar Fir Apple Product Cherry Inventory value Cost NRV Lower of Cost or NRV