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Module 3 Assignment Beech Corporation has three finished products (related to three different prod- uct lines) in its ending inventory at December 31, Year 1.
Module 3 Assignment Beech Corporation has three finished products (related to three different prod- uct lines) in its ending inventory at December 31, Year 1. The following table provides additional information about each product: Product 101 202 303 Cost $130 $160 $100 Replacement Cost $140 $135 $ 80 Selling Price $160 $140 $100 Normal Profit Margin 20% 20% 15% 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 De- cember 31, Year 1, balance sheet under (1) IFRS and (2) U.S. GAAP
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