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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

How does the target cost concept differ from cost-plus approaches?

To determine

Product pricing: Product pricing is the method used for fixing the price for the products sold or the services offered to the consumers.

To Explain: The difference between target cost concept and cost plus approach.

Explanation

There are various methods used in product pricing. The difference between target cost concept and cost plus approach used in product pricing, is discussed below.

  • Target cost concept:   Target cost is the estimated cost of the product which is calculated on the basis of sustainable price in the market place...

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