Question

Listed as follows are various costs found in businesses. Classify each cost as a fixed or variable cost, and as a product and/or period cost.

Answer 1

Shipping costs on merchandise sold s an example of a variable cost

What is variable cost?

Variable costs are costs that change as the quantity of a good or service produced by a business changes. Variable costs are the total of marginal costs across all units manufactured. They can also be considered standard expenses. The two components of total cost are fixed costs and variable costs.

Variable costs are costs that change with volume. Raw materials, piece-rate labour, production supplies, commissions, delivery costs, packaging supplies, and credit card fees are examples of variable costs.

Formula for Variable Cost. To calculate variable costs, multiply the cost of producing one unit of your product by the total number of products produced. This formula is as follows: Total Variable Costs = Cost Per Unit x Unit Count

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