A practical approach that is frequently used by managers when setting normal selling price is the cost-plus approach.

Name: A practical approach that is frequently used by managers when setting normal selling price is the cost-plus approach.
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Question

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The cost-plus approach is a commonly used method for determining the normal selling price of a product. This approach involves adding a mark-up to the cost of producing the product in order to set a profitable selling price.

A Practical Approach That Is Frequently Used by Managers When