Answer:
Cost price refers to the original or initial cost incurred to produce or acquire a product or service. It is the total amount of money spent on the production of goods or services including all the direct and indirect costs such as raw materials, labor, manufacturing overheads, transportation, and any other expenses associated with the production process. The cost price is important in determining the profitability of a business and setting the selling price of a product or service.
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Cost price is the total initial expense of producing or acquiring a product or service, which includes direct and indirect costs such as raw materials, labor, manufacturing overheads, and transportation. It is crucial for determining a business's profitability and setting the selling price.