Partial balance sheet data for Diesel Additives Company at August 31 are as follows:Finished goods inventory     $ 89,400                   Supplies                   $ 13,800Prepaid insurance                  9,000                       Materials inventory     26,800Accounts receivable              348,200                    Cash                         167,500Work in process inventory     61,100Prepare the Current assets section of Diesel Additives Company’s balance sheet at August 31.

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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.