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The two steps in two-step bidding are: 1.Negotiation over contract elements and 2.Price bidding by potential suppliers that passed the first step.
Product Cost
The total cost associated with making or acquiring a product, including materials, labor, and overhead costs.
Variable Cost
Costs that change in proportion to the level of production or business activity.
Markup Percentage
The percentage increase between the cost to produce or purchase a product and its selling price.
Product Cost Concept
An accounting approach that includes costs directly associated with manufacturing a product, including raw materials, labor, and overhead expenses.
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