Problem $1(50$ Points$)$ In the fourth quarter of Year $1,$ Beech Corporation produced three products $($related to different product lines$)$ that it still has in inventory at December $31,$ the end of its fiscal year. The following table provides information about each product: At December $31,$ Year $2,$ Beech Corporation still had the same three different products in its inventory. The following table provides updated information for the company's products: Beech Corporation expects to incur selling costs equal to $5$ percent of the selling price on each of the products in both years. The lower of cost and net realizable value method is used to determine inventory write$-$down under both IFRS and U$.$S$.$ GAAP. Required: $3)$ Determine the amount at which Beech should report its inventory on the December $31,$ Year $1,$ balance sheet and make relevant journal entry. $($Magda$)$