Finch Company is preparing the annual financial statements dated December 31, 2010. Information about inventory stocked for regular sale follows: 
Instructions
Compute the valuation for the December 31, 2010, inventory using the lower-of-cost-or-market basis.
Definitions:
Paralegal Manager
An employee in a law firm who is responsible for overseeing the paralegal staff and paralegal professional development.
Legal Administrator
An administrative employee of a law firm who manages day-to-day operations. In smaller law firms, legal administrators are usually called office managers.
Managing Partner
The principal executive officer in a law firm or partnership, responsible for running the firm's day-to-day operations.
Staff Attorneys
Lawyers who are employed by a firm, corporation, agency, or government entity to provide legal services internally.
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