USA VERY beginning inventory question


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I have a crochet pattern business and have counted my yarn as supplies up to this point, for the sole purpose of making patterns. This year, I want to begin selling finished items. I still have yarn on hand from last year. Do I turn this "supply" into an inventory item (material) if I want to use it to create finished goods? Can I reclass from supply to material? I can back into the costs of each easily, so no problem there.
 
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