In Intermediate Accounting, what product costs are included in the inventory, i.e., freight, installation, etc?

In Intermediate Accounting, Inventories: Additional Valuation Issues, Please discuss how inventory should be presented, i.e., lower of cost or market, lower of cost or net realizable value, etc. also discusses ways in which to estimate inventory cost using the retail inventory method or the gross profit method. Please discuss any of these issues or anything else that you found salient in the chapter. Do you have any experience in costing or estimating inventory?