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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.
Fixed costs are all the costs that remain constant for a business regardless of production levels. Variable costs are all the costs for a business that vary depending on production levels. Fixed costs and variable costs are mutually exclusive, meaning that a cost cannot be both fixed and variable. There can, however, be fixed and variable components of a cost, as is the case with labor costs.