Chapter 2.3, Problem 6Q

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 Broad leaf trees:     Ash $ 1,840 $ 1,740 Beech 2,260 1,640 Needle leaf trees:     Cedar $ 2,580 $ 1,790 Fir 3,700 3,390 Fruit trees:     Apple $ 1,840 $ 1,440 Cherry 2,360 1,840 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 the total inventory.

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