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.
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.
Definitions:
Conversion Cost
The combination of direct labor and manufacturing overhead costs incurred to transform materials into finished goods.
Manufacturing Overhead Cost
The indirect factory-related costs that are incurred when a product is manufactured, including costs related to maintaining the factory.
Conversion Cost
The sum of direct labor costs and manufacturing overhead expenses involved in converting raw materials to finished products.
Total Variable Cost
The sum of all variable expenses that change in proportion with production output or business activity levels.
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