The costs of inventories typically include the following elements:

II, III, IV, and V. According to IAS 2, the costs of inventories consist of the cost of purchase, the costs of conversion, and allocated overheads (including manufacturing overheads). Abnormal costs of wasted materials, labor, or other production costs are generally not included in the cost of inventories, as they are treated as abnormal and non-recurring. Therefore, the correct answer would exclude abnormal costs (I), but would include the other costs associated with bringing inventories to their present location and condition, such as other costs incurred in production and processing, as well as allocated overheads, including those related to administration, and the costs directly incurred in converting raw materials into finished goods.