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In like manner, a finished goods inventory will also have an inventoriable cost. This will include not only all the costs related to the raw materials, but also the direct labor and any fixed or variable overhead that is incurred while producing those finished goods. If those goods are stored at a rented facility, even the cost of the rental will be accounted for as an inventoriable cost.
Product costs are also called variable costs. It refers to that cost which varies in direct proportion to the volume of output. The cost per unit of product cost remains unchanged as production increases or decreases but total cost increases. So such type of costs are called product costs. For example; cost of direct material, direct labor and direct expenses. Image Source:advancedmp.com/wp-content/uploads/2013/11/cost_roller.jpg. Period cost is the fixed cost. It refers to that cost which remains unchanged by change in volume of out put. Fixed cost per unit decreases as production increases and increases as production declines.