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Accounting

30 Interview Questions & Answers
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Bobbi Witt
Bobbi has been a finance manager for over 15 years, with direct recruiting and hiring experience in her field.
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When looking at the COGS on the P&L statement, what are some examples of variable costs?

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Example #1
"On the variable costs located on the Profit and Loss statement, the cost of goods sold refers to the finished product. The variables included in that finished product are raw materials, packaging, and labor ."
Example #2
"Variable costs that go into making the final product and determines the cost of goods sold would be things like direct labor, indirect labor, parts, and overhead. All these costs will be listed on the profit and loss statement."
Example #3
"The variable costs include things like direct labor, inventory or raw materials, sales and commissions as well as overhead. Basically everything that goes into making the product. This is all important to note because if you don't account for everything included in the work-in-progress inventory, then you'll be short of inventory in the long run."
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