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Novelli's Nursery has developed the following data for lower of cost or market for its...

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Accounting

Novelli's Nursery has developed the following data for lower of cost or market for its products. The individual types of trees are separated as to their categories: Selling Cost to Price Cost Replace Broad leaf trees: Ash $1,800 $1,000 $800 Beech 2,200 1,600 1,400 Needle leaf trees: Cedar $2,500 $1,750 $1,800 Fir 3,600 3,350 3,200 Fruit trees: Apple $1,800 $1,400 $1,300 Cherry 2,300 1,800 1,700 The costs to sell are 10% of the selling price, and the normal profit margin on all trees is 20% of the selling price. REQUIRED: Determine the reported inventory value assuming the lower of cost or market rule is applied to individual tree products

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