The Process of Determining What a Product Should Cost Based

question 15

Short Answer

The process of determining what a product should cost based on its component raw material,manufacturing and overhead costs as well as reasonable profit margin is known as ________.

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Definitions:

Identified Goods

Goods that are designated for a specific sale or contract, making them distinguishable from the seller's or manufacturer's other goods.

Remedy

A means of legal reparation or correction provided to a party who has suffered a loss or injury.

Commercial Reasonableness

The standard by which business actions are judged, based on what a reasonable person would consider fair and appropriate under the circumstances.

Consequential Damages

Refers to the secondary effects or financial losses that occur as a result of a breach of contract, beyond the immediate scope of the agreement.