On December 31, Year 2, Beech Corporation still had the same three different products in its inventory. The following table provides updated information for the companys products:

Product	Cost	Replacement Cost	Selling Price
101	$130	$180	$190
202	$160	$150	$160
303	$100	$100	$130

Beech Corporation still expects to incur selling costs equal to 5% of the selling price.

Required:

Determine the amount at which Beech should report its inventory on the December 31, Year 2, balance sheet under IFRS. How would your answer above differ if Beech used U.S. GAAP rather than IFRS?