2.Costs that are incurred in bringing the inventories to their present location and condition are capitalized as cost of inventories and these include a.costs of designing products for specific customers. b.abnormal amount of wasted materials, labor and production costs. c. storage cost not necessary in the production process before a further production stage. d. selling costs.

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.