Sunhats Ltd manufactures patent hats. It carries inventor y of these and sells to wholesalers and retailers via a number of salespeople. The following expenses are charged in the profit and loss account:
Wages of: Storemen and factor y foremen
Salaries of: Production manager, personnel officer, buyer, salespeople, sales manager, accountant, company secretary
Other: Directors’ fees, rent and rates, electric power, repairs, depreciation, carriage outwards, advertising, bad debts, interest on bank overdraft, development expenditure for new type of hat.

Required:
Which of these expenses can reasonably be included in the valuation of inventory?