If one wants to determine the selling price of a product using the total cost method, the management should use Total product costs plus a markup.
<h3>What is the total cost method?</h3>
The actual cost of performance is generally subtracted from the bid price before profit is added to the resultant sum in the total cost approach.
A production income statement is what the total cost method is. In other words, the units of measurement generated are utilized to accrue income and expenses. The units of measure produced during the reviewed period are used to calculate income and expenses.
When employing the whole cost method, the business accounts for all expenses associated with manufacturing the questioned well. The price of the entire product is included.
The final step is to add a markup to the overall cost in order to determine a selling price that will allow for the anticipated level of profit.
To learn more about the total cost method refer to:
brainly.com/question/6480601.
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