define cost and selling price
let the cost price =X sell price=cost +profit selling price=x+profit
loss+selling price (S.P)
Total cost price = Material cost + labor cost + overheads costs
cost price = selling price - profit
what is the differnce between total cost ownership and procurement under the lowest purchasing price philosophy?
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The cost of the raw materials determines the final Selling price. Hence, the purchasing is an important part of materials management.
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