Cost and price

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166 Points Posted on 30 July 2023
Dear experts,

please explain what is the difference between cost and price
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On 30 July 2023 at 14:47 Report
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Quick Summary
The discussion clarifies the distinction between 'cost' and 'price'. Cost refers to the expenses a business incurs to produce a product, including raw materials, manufacturing, administration, and marketing. Price, on the other hand, is the final amount a customer pays to purchase that product, which typically includes a markup on the total cost.

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Semi Qualified CA
3208 Points Posted on 30 July 2023
Cost is expense to produce a product while price is the amount customers pay to acquire it
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On 30 July 2023 at 16:39
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Chartered Accountant
24588 Points Posted on 31 July 2023
Cost is the amount which is incurred to produce a product by the company basically it's the cost to purchase raw materials, etc. whereas price is the sale price charged to customers to buy
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On 31 July 2023 at 08:53
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Profession
28269 Points Posted on 03 August 2023
Prime cost plus factory overhead plus admin overhead plus selling cost and marketing cost .
plus Mark up
selling price
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On 03 August 2023 at 07:24

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