was completed in Year 2 at a cost of $1,8 Required: a. Determine the impact that Product Z has on income in Year 1 and Year 2 under (1) IFRS and (2) U.S. GAAP. b. Summarize the difference in income, total assets, and total stockholdore equity using the two different sets of accounting rules over the two-year period. 15. 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: Normal Profit Replacement Cost Margin Selling Price Cost Product $160 20% $140 $130 101 $135 $140 20% 202 $160 $ 80 $100 303 $100 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. 16. This is a continuation of problem 15. At December 31, Year 2, Beech Corpora tion still had the same three different rrod