Thus, manufactured goods should be valued at cost of raw material,
with freight, duty, and labor added, together with the percentage usually-
added to represent the cost of management of factory. Goods only par-
tially manufactured should be valued on the same basis.
Goods on hand, whether manufactured or purchased complete, should,
never be valued for inventory purposes at selling price.
ASSETS — (Com., Law). — All the stock in trade, cash, and all avail-
able property belonging to a merchant or company or corporation. The-
property in the hands of an heir, executor, administrator, or trustee, which.
is legally or equitably chargeable with the obligations which such heir,
executor administrator or other trustee is, as such, required to discharge..
Legal Assets are such as constitute the. fund for the payment of debts-
according to their legal priority.
Personal Assets. — Goods and personal chattels to which the execu-
tor or administrator is entitled.
Real Assets are such as descend to the heir, as an estate in fee simple..
In the United States, generally, by statute, all the property of thci
deceased, real and personal, is liable for his debts, and, in equity, is to be-
applied as follows, when no statute prescribes a different order of applica-
tion, exhausting all the assets of each class before proceeding to the next r

Pirst — The personal estate not specifically bequeathed.
Second — Real estate devised or ordered to be sold for the payment of
debts.
Third — Real estate descended but not charged with debts.
Pourth — -Real estate devised, charged geilerally with the payment o£
debts.
Pifth — General pecuniary legacies, pro rata.
Sixth — Real estate devised, not charged with debts.
See Marsjaalling of Assets.
ASSIGN — (Com. Law). — To make or set over to another.
