A Markup and a Margin Both Refer to the Difference

question 37

True/False

A markup and a margin both refer to the difference between a final price and unit cost.

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Definitions:

Gallons

A unit of volume measurement used primarily in the United States, equivalent to 3.785 liters.

Raw Materials Inventory

The total cost of all the raw materials that are currently held by a company in stock, awaiting to be used in production.

Gallons

A unit of volume used primarily in the United States for measuring liquids.

Standard Costs

Predetermined costs for manufacturing a product, used for budgeting, cost control, and performance evaluation.