What are the three costs that are needed to calculate the cost of inventories?

1. Cost of purchase: This includes the purchase price of the inventory items, as well as any additional costs incurred to bring the inventory to its present location and condition, such as shipping and handling fees.

2. Cost of conversion: This includes all costs incurred in the production process, such as direct labor, direct materials, and overhead costs.

3. Other costs: This includes any additional costs that are necessary to bring the inventory to its present location and condition, such as storage costs, insurance, and other related expenses.

1. Acquisition costs
2. Conversion costs
3. Other costs incurred in bringing inventories to their present location and condition