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 Prot 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

NOTE: Please show detailed calculations and explaination for U. S. GAAP. Thank You.