Novelli's Nursery has developed the following data for lower of cost and net realizable valuation for its products:
| |
Selling
Price |
Cost |
| Broad leaf trees: |
|
|
|
|
|
|
| Ash |
$ |
1,670 |
|
$ |
1,540 |
|
| Beech |
|
2,740 |
|
|
1,440 |
|
| Needle leaf trees: |
|
|
|
|
|
|
| Cedar |
$ |
3,220 |
|
$ |
1,590 |
|
| Fir |
|
3,150 |
|
|
3,190 |
|
| Fruit trees: |
|
|
|
|
|
|
| Apple |
$ |
2,160 |
|
$ |
1,240 |
|
| Cherry |
|
2,840 |
|
|
1,640 |
|
The costs to sell are 10% of selling price.
Required:
Determine the reported inventory value assuming the lower of cost and net realizable value rule is applied to individual trees.