Can any body explain What is fixed cost and variable cost ?

Fixed costs are costs associated with assets, and which do not change for long periods of time. Fixed costs can be rent, insurance, and other costs that occasionally be depreciated (Machinery).

Variable costs are the costs of labor, material, and overheads that are part of the costs of manufacturing products. There can be carrying costs for inventory, ordering material, etc. The costs are usually based on quantities of items manufactured or consumed.

Hope that answers your question.