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%

Beech Corporation expects to incur selling costs equal to 5 percent of the selling price on each of the products. Determine the amount at which Beech should report its inventory on the December 31, Year 1, balance sheet under (1) IFRS and (2) U. S. GAAP.

On june 1, 2017, blossom company was started with an initial investment in the company of $22,360 cash. here are the assets, liabilities, and common stock of the company at june 30, 2017, and the revenues and expenses for the month of june, its first month of operations: cash $4,960 notes payable $12,720 accounts receivable 4,340 accounts payable 840 service revenue 7,860 supplies expense 1,100 supplies 2,300 maintenance and repairs expense 700 advertising expense 400 utilities expense 200 equipment 26,360 salaries and wages expense 1,760 common stock 22,360 in june, the company issued no additional stock but paid dividends of $1,660. prepare an income statement for the month of june.