Novella's Nursery has developed the following data in order to calculate the lower of cost...
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Accounting
Novella'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 $ 2,100 $ 1,600 Beech 2,650 1,500 Needle leaf trees: Cedar $ 3,100 $ 1,650 Fir 4,350 3,250 Fruit trees: Apple $ 2,100 $ 1,300 Cherry 2,750 1,700 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 categories of trees
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