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%

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

Required: Determine the amount of at which Breech should report its inventory on the December 31, Year 1, balance sheet under (1) IFRS and (2) U.S. GAAP