Novelli's Nursery has developed the following data in order to calculate the lower of cost...
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Novelli'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 $1,920 2,380 $1,820 1,720 Broad leaf trees: Ash Beech Needle leaf trees: Cedar Fir Fruit trees: Apple Cherry $2,740 3,300 $1,870 3,470 $1,920 2,480 $1,520 1,920 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. Product Cost NRV Lower of Cost or NRV Ash Beech Cedar Fir Apple Cherry Inventory value
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