Partial balance sheet data for Diesel Additives Company at August 31 are as follows: Finished goods inventory $42,750 Prepaid insurance 27,000 Accounts receivable 104,000 Work in process inventory 153,500 Supplies 71,500 Materials inventory 88,250 Cash 115,000   Prepare the “Current assets” section of Diesel Additives Company’s balance sheet at August 31. Be sure to complete the statement heading. Refer to the Accounts, Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required.

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.