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The cost is the total outlay required to produce a product or carry out a service. Cost price is used in establishing profitability in the following ways: Selling price (excluding tax) less cost results in the profit in money terms.
COST PRICE definition: 1. the amount of money that is spent to produce goods or services, or to buy them before selling to…. Learn more.
Cost refers to the expenses incurred in producing a product or providing a service. It includes factors such as raw materials, labor, overhead costs, and other expenses directly related to the production process. On the other hand, price is the amount charged to customers for a product or service.
Cost price is the amount of money required to create a product that will be sold. In other words, it’s the price it costs to produce a product for sale without any profit added. Calculating cost price is an absolutely essential step in properly pricing inventory for retail or wholesale distribution.
Cost is typically the expense incurred for a product or service being sold by a company. Price is the amount a customer is willing to pay for a product or service.
Cost and price are both ways to describe the flow of money in economics, but they’re not always interchangeable — it depends on whether you’re the one buying or the one selling. Cost: What the Company Paid to Make It
The key difference between cost and price is the amount of expenditure incurred by the business on materials, labor, sales, utilities, and other business activities. In contrast, price refers to the amount that the business charges its customers for providing their goods and services to the customer, and the customer has to pay such an agreed ...
COST PRICE meaning: 1. the amount of money that is spent to produce goods or services, or to buy them before selling to…. Learn more.
Cost is the expenditure required to create and sell products or acquire assets, while price is the amount of money expected in exchange for goods or services.
cost price in British English. (kɒst praɪs ) noun. British business. the cost of a product to the seller. The shop claims to have sold computers below cost price for three years. a factory shop where you can buy shoes at cost price. to sell goods at cost price. Collins English Dictionary.