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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.
Definition: Variable costs are production costs that change in proportion to the amount of goods that are produced. In other words, for every good that is produced, variable costs increase by the same amount. In any production process, manufacturers incur a variety of costs. Cost accountants and managers usually split these costs into two main categories: variable costs and fixed costs. Example A good example of variable costs for a piano manufacturer is the cost of piano keys.