Novelll's Nursery has developed the following data in order to calculate the lower of cost...
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Novelll'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 Cost Price Broad leaf trees: Ash $1,630 $1,500 Beech 2,800 1,400 Needle leaf trees! Cedar $3,300 $1,550 Fir 3,050 3,150 Fruit trees: Apple $2,200 $1,200 Cherry 2,900 1,600 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 COM NRV Lower of COST OF NRV Ash Beech Cedar Fit Apple Cherry Inventory value $ 0
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