Customer provided raw material handling?

Here is a scenario,

Where the customer sends raw material to process it / consume it to prepare finished goods, how can we handle this scenario from inventory receiving & costing perspective, i.e. will this be received in inventory, if yes at what cost & what transaction should take place from receiving up to consuming in manufacturing module, if no then how to handle this for the manufacturing module ?

PLEASE LET KNOW HOW TO HANDLE THIS COMPLETE SCENARIO.