15. 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 101 Cost $130 $160 Replacement Cost $140 $135 $ 80 Selling Price $160 $140 $100 Normal Profit Margin 20% 20% 15% 202 303 $100 Beech Corporation expects to incur selling costs equal to 5 percent of the sell- ing price on each of the products. Required: 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. 16. This is a continuation of problem 15. At December 31, Year 2, Beech Corpora- tion still had the same three different products in its inventory. The following table provides updated information for the company's products: Product 101 202 303 Cost $130 $160 $100 Replacement Cost $180 $150 $100 Selling Price $190 $160 $130 Normal Profit Margin 20% 20% 15% Beech Corporation still expects to incur selling costs equal to 5 percent of the selling price. Required: Determine the amount at which Beech should report its inventory on the December 31, Year 2 balance sheet under (1) IFRS and (2) U.S. GAAP