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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 Proï¬t 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.
- 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.
- 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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