we have one oil refinery. The spare parts which we keep for the repair of machinery can be a part of our inventory or not?
I don't think so. Your Business is refining oil. You sell refined oil. You buy it, you work it, you have it in inventory and you sell it. OIL. The equipment is just that: equipments. Parts for it would be supplies I believe.
If you mean part of inventory carrying cost, absolutely not. If fact, you can get in trouble with the SEC if you to report it otherwise.
