Novelli's Nursery has developed the following data in order to calculate the lower of cost or...

  

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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: $1,820 2,230 Ash $1,720 1,620 Веech Needle leaf trees: Cedar $2,540 3,650 $1,770 3,370 Fir Fruit trees: Apple Cherry $1,420 1,820 $1,820 2,330 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 Broad leaf trees 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: $1,820 2,230 Ash $1,720 1,620 Веech Needle leaf trees: Cedar $2,540 3,650 $1,770 3,370 Fir Fruit trees: Apple Cherry $1,420 1,820 $1,820 2,330 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 Broad leaf trees Cedar Fir Needle leaf trees Apple Cherry Fruit trees Inventory value

Answer rating: 100% (QA)

Product Cost NRV Lower of Cost or NRV Ash 1720 1638 1638 Beech 1620 2007 ... View the full answer