Final answer:
Work in process (WIP) would fall under the category of current asset in the balance sheet. It represents the partially completed goods in the production process.
Step-by-step explanation:
The classification you are looking for would fall under the category of current asset in the balance sheet. Work in process (WIP) refers to the partially completed goods that are in the production process but are not yet finished products ready for sale. These include materials, direct labor, and manufacturing overhead costs that have been incurred in the production process.
WIP is considered a current asset because it represents the value of the products that are in the pipeline to be completed and sold within the next operating cycle of the business. It is an important component of inventory and is typically reported on the balance sheet under the current assets section.