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Determine the amount at which beech should report inventory

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Reference no: EM132935574

In the fourth quarter of Year 1, Beech Corporation produced three products (related to different product lines) that it still has in inventory on December 31, the end of its fiscal year.

The following table provides information about each product:

                 Product            Cost Replacement          Cost Selling Price
101              $130                     $140                           $160
202              $160                    $135                            $140
303                    $100               $90                             $70

Beech Corporation expects to incur selling costs equal to 5% of the selling price on each of the  products.

Required:

Problem 1: Determine the amount at which Beech should report its inventory on the December 31, Year 1,  balance sheet under IFRS.

Reference no: EM132935574

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