Full Cost Pricing Assignment Help

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An Introduction to Full Cost Pricing

Full cost pricing is often used by the firms when the precise demand for a product they sell is difficult to predict. It is also used when the demand for the products fluctuates a lot. There is a procedure to calculate the full cost price of a product. You have to know the procedure well to work on the related assignments. Otherwise, you can contact BookMyEssay for the state-of-the-art Full Cost Pricing assignment help. We provided the most experienced writers to help you accomplish the vital Full Cost Pricing research proposal writing tasks on this subject.

What is the Full Cost Pricing?

It is a pricing procedure whereby a firm calculates the price of a product on the basis of the direct cost of production and other expenses including administration cost and selling cost, and then adding with it a markup to include the overhead expenses.

So, the pricing formula applied here goes as follows:

Full cost pricing = (Total cost of production + Administration cost + Selling cost + Markup) / Units expected to sell within a definite period

Full cost pricing is normally used when some specific categories of products are to be sold in a specific market for a specific time period. It is also used for selling customized products to some specific customers.

You see, there are several aspects in this method of price calculation. Like the production cost, administrative cost, and markup. In an assignment, you may have to calculate these costs at first then determine the price of a product on the basis of Full cost pricing. In some economics assignments, you may also be asked to determine at first whether the full cost pricing method is suitable for the situation or not. So, your in-depth knowledge of the Full cost pricing process is always expected. Our Case study writing help on Full Cost Pricing is designed to assistance you to write these assignments in the most impressive way so that you don’t even a single mark just for your ignorance.

Advantages of Full cost pricing procedure are as follows:

• This procedure of pricing in the easiest one to understand and apply. The formula is simple, so also the parts of the formula.
• If the assumption of the budget is correct or nearly correct, the firm using this formula to calculate the price of their product will definitely make a profit over a long period of time.
• As the price fixed in this method is solely based on cost, the firm can always justify the price of their products. The firm can show that the production cost or the administration cost or the selling cost have increased so they are increasing the price.

There are some disadvantages too in this process of pricing. You have to know these disadvantages well:

• The process completely ignores the market condition or what the competitors are charging for the same type of product. If the price differences with the competitors are high, the demand may plummet.
• As the pricing in this method is solely based on budgeting that includes a prior estimate of cost and sales volume, the risk of losing out is high in some conditions. The prediction needs to be nearly accurate to get profit.
• Since the process ignores price elasticity, the firm may end up in losing a market or losing profit.
• This method of pricing is perfect when there is only one product. Firms with multiple products may find it difficult to determine production cost for a specific product.
• This pricing system reduces the flexibility of the operation department. They don’t have any opportunity to change the product design in any way as it may fail the predicted production cost.

There are several other aspects of Full-cost pricing, which you need to know in details to work on the assignments efficiently and ensure high scores in these tests.

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