Beech Corporation has three finished products (related to three different product lines) in its ending inventory at December 31, Year 1. The following table provides additional information about each product:

Product Cost Replacement Cost Selling Price Normal Profit Margin
101 $130 $140 $160 20%
202 $160 $135 $140 20%
303 $100 $ 80 $100 15%

Beech Corporation expects to incur selling costs equal to 5% of the selling price on each of the products.

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  1. Determine the amount at which Beech should report its inventory on the December 31, Year 1, balance sheet under (1) IFRS and (2) U.S. GAAP.
  2. Write a 2-page evaluation, which compares and contrasts the two balance sheets and how these differences impact reporting. Support your statements with references from the text and a minimum of two additional sources formatted according to APA guidelines

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