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Larrys Landscaping 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. (15 points)

	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.

Required:

Determine the reported inventory value assuming the lower of cost or net realizable value rule is applied to individual trees. SHOW YOUR WORK in the table provided.

If a journal entry is required to adjust to the lower of cost or net realizable value amount, use the journal provided below to make the entry. Otherwise, enter None Required.

\begin{tabular}{|l|l|l|l|l|} \hline & & & & \\ \hline Broad leaf trees: & & & & \\ \hline Ash & & & & \\ \hline Beech & & & & \\ \hline Needle leaf trees: & & & & \\ \hline Cedar & & & & \\ \hline Fir & & & & \\ \hline Fruit trees: & & & & \\ \hline Apple & & & & \\ \hline Cherry & & & & \\ \hline & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Date & Accounts & Debit & Credit \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular}

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