cost of production policy

Dear Experts, From the following policy, can we extract some points that could be related to cost of production policy?
"Inventories include finished and semi-finished cement, raw materials
and consumables. Finished and semi-finished cement are valued at the lower of production cost or net realizable value. Actual cost includes cost of raw materials and labour and appropriate proportionate share of the manufacturing overhead. Raw materials are stated at the average cost basis, but not in excess of net realizable value thereof. Spare parts are valued at the cost less provision for slow moving items"
Many thanks in advance Omar
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