How would you help Andy to record his inventory if ASPE was used instead of GAAP?

Blue Huskies Limited Blue Huskies Limited ("Blue Huskies) has been in the snowmobile custom manufacturing business for the last 10 years. Basically, Andy Shwartz, the owner, builds high-priced, customized snowmobiles that take on average two years to build. The sales price of these customized snowmobile ranges from $10,000 to $15.000. His reputation is such that Andy has never had to advertise. Rather, potential customers contact him, having heard of Andy through word of mouth. Andy has never had a dissatisfied customer and prides himself on high quality workmanship. In the past, Andy has always done his accounting on a cash basis; that is, expenses and revenues were recorded when cash changed hands. Also, Andy has never had to externally finance snowmobile construction because the business has always retained sufficient cash to internally finance the next snowmobiles to be built. Last year, however, Andy stripped all the excess cash from the business when he purchased his dream "cottage", a mansion on Lake Blue Huskies. As a result of this, Andy found that he did not have enough cash to finance the construction of the next snowmobiles to be built and had to go to the bank for a loan to finance the growing business. The bank told Andy that it would be happy to lend him the money as long as it could take his cottage and other assets of the business as security. Also, the bank informed Andy that it wanted GAAP financial statements (accrual based). Andy reluctantly agreed to pledge his cottage and business assets as security and promised GAAP financial statements. Andy was not very womed about repayment of the loan since he had just received some very large orders. As a matter of fact, he had to hire additional contract mechanics to help him get the snowmobiles built on time. Andy also custom built a well-equipped heated barn so that he could work on the snowmobiles at the same time. The barn that he normally rented was not big enough to house all the snowmobiles. Andy also hired a secretary to help keep up with the filing and the paperwork For the first time, Andy had the customer who placed the largest order sign a written contract due to the size of the custom snowmobile and the materials that had to be custom ordered and machined. All other agreements were verbal, although the terms of the contracts were similar except for prices and dates. The key terms of the contract were as follows: Purchase price $35,000. Delivery date June 30, 2020 (approximately 2 years). Downpayment of 10%, 20% on June 30, 2019, rest on delivery. Purchaser has the right to try the snowmobile out before last payment made; right to refuse to accept it if not satisfied. Andy to cover the cost of insurance while being built (Andy just included this as a cost of building the snowmobile and passed it on to the customer anyway). At December 31, 2019, Andy mentioned he had completed probably 2/3 of the work on the snowmobile and was ahead of schedule. However, on the other snowmobile contracts, work was behind and Andy mentioned they were probably only 10% complete on average. Andy has come to you, his friend, a Chartered Professional Accountant, for advice on how to prepare the financial statements for the year ended December 31, 2019. . Blue Huskies Limited Blue Huskies Limited ("Blue Huskies) has been in the snowmobile custom manufacturing business for the last 10 years. Basically, Andy Shwartz, the owner, builds high-priced, customized snowmobiles that take on average two years to build. The sales price of these customized snowmobile ranges from $10,000 to $15.000. His reputation is such that Andy has never had to advertise. Rather, potential customers contact him, having heard of Andy through word of mouth. Andy has never had a dissatisfied customer and prides himself on high quality workmanship. In the past, Andy has always done his accounting on a cash basis; that is, expenses and revenues were recorded when cash changed hands. Also, Andy has never had to externally finance snowmobile construction because the business has always retained sufficient cash to internally finance the next snowmobiles to be built. Last year, however, Andy stripped all the excess cash from the business when he purchased his dream "cottage", a mansion on Lake Blue Huskies. As a result of this, Andy found that he did not have enough cash to finance the construction of the next snowmobiles to be built and had to go to the bank for a loan to finance the growing business. The bank told Andy that it would be happy to lend him the money as long as it could take his cottage and other assets of the business as security. Also, the bank informed Andy that it wanted GAAP financial statements (accrual based). Andy reluctantly agreed to pledge his cottage and business assets as security and promised GAAP financial statements. Andy was not very womed about repayment of the loan since he had just received some very large orders. As a matter of fact, he had to hire additional contract mechanics to help him get the snowmobiles built on time. Andy also custom built a well-equipped heated barn so that he could work on the snowmobiles at the same time. The barn that he normally rented was not big enough to house all the snowmobiles. Andy also hired a secretary to help keep up with the filing and the paperwork For the first time, Andy had the customer who placed the largest order sign a written contract due to the size of the custom snowmobile and the materials that had to be custom ordered and machined. All other agreements were verbal, although the terms of the contracts were similar except for prices and dates. The key terms of the contract were as follows: Purchase price $35,000. Delivery date June 30, 2020 (approximately 2 years). Downpayment of 10%, 20% on June 30, 2019, rest on delivery. Purchaser has the right to try the snowmobile out before last payment made; right to refuse to accept it if not satisfied. Andy to cover the cost of insurance while being built (Andy just included this as a cost of building the snowmobile and passed it on to the customer anyway). At December 31, 2019, Andy mentioned he had completed probably 2/3 of the work on the snowmobile and was ahead of schedule. However, on the other snowmobile contracts, work was behind and Andy mentioned they were probably only 10% complete on average. Andy has come to you, his friend, a Chartered Professional Accountant, for advice on how to prepare the financial statements for the year ended December 31, 2019