Which of the Following Is the Fourth Step in Setting

question 301

Multiple Choice

Which of the following is the fourth step in setting a final price for a product?

• A)set list or quoted price
• B)select an approximate price level
• C)scan competitors for prices of similar products or services
• D)determine cost, volume, and profit relationships
• E)identify pricing objectives and constraints

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Definitions:

Job Cost

The total expense calculated for a specific job or project, including materials, labor, and overhead.

Unit Product Cost

The total cost to produce one unit of product, including labor, materials, and overhead.

Predetermined Overhead Rate

A rate calculated prior to the accounting period that is used to allocate overhead costs to products or job orders, based on estimated overhead costs and an allocation base.

Job-Order Costing

A cost accounting system that accumulates costs according to specific jobs or orders, allowing for detailed cost tracking.