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Determine the reported inventory value

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Reference no: EM131779018

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 $ 1,670   $ 1,540  
     Beech   2,740     1,440  
  Needle leaf trees:            
     Cedar $ 3,220   $ 1,590  
     Fir   3,150     3,190  
  Fruit trees:            
     Apple $ 2,160   $ 1,240  
     Cherry   2,840     1,640  

The costs to sell are 10% of selling price.

Required:

Determine the reported inventory value assuming the lower of cost and net realizable value rule is applied to individual trees.

Reference no: EM131779018

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