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 Beech $ 1,860 2,290 $1,760 1,660 Needle leaf trees: Cedar Fir $ 2,620 3,750 $ 1,810 3,410 Fruit trees: Apple Cherry $ 1,860 2,390 $ 1,460 1,860 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. Lower of Product Cost NRV Cost or NRV Ash Beech $ 1,760 Broad leaf trees $ 1,760 Cedar Fir Needle leaf trees Apple Cherry Fruit trees Inventory value

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 Beech $ 1,860 2,290 $1,760 1,660 Needle leaf trees: Cedar Fir $ 2,620 3,750 $ 1,810 3,410 Fruit trees: Apple Cherry $ 1,860 2,390 $ 1,460 1,860 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. Lower of Product Cost NRV Cost or NRV Ash Beech $ 1,760 Broad leaf trees $ 1,760 Cedar Fir Needle leaf trees Apple Cherry Fruit trees Inventory value

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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