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:
Feme Sole
A legal term from English law referring to a single woman, including those who were widowed or divorced, who had legal rights to own property and conduct business in her own name.
Conduct Business
The act of engaging in activities that involve the sale or purchase of goods and services with the aim of earning profits.
Pocahontas
A Native American woman notable for her association with the colonial settlement at Jamestown, Virginia, and her role in fostering peace between English colonists and Native Americans.
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