Finch Company is preparing the annual financial statements dated December 31, 2014. Information about inventory stocked for regular sale follows: 
Compute the valuation for the December 31, 2014, inventory using the lower-of-cost-or-net realizable value basis.
Definitions:
Team Development
The process through which a group of individuals evolves into a cohesive unit, optimizing their collaboration and effectiveness in achieving collective objectives.
Working Styles
Refers to the various patterns and approaches that individuals adopt in their professional environments to complete tasks and interact with others.
Storming Stage
A phase in team development characterized by conflict and competition as individuals start to express different opinions and values.
Virtual Teams
Teams that operate and collaborate primarily through electronic communications technology, such as email, video conferencing, and messaging apps.
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