Question

What do you mean by cost price

Answer 1

Cost price is the total amount of money that it costs a manufacturer to produce a given product or provide a given service.

A cost price includes all outlays that are required for production, including property costs, materials, power, research and development, testing, worker wages and anything else that must be paid for.

Cost price should be less than selling price(price at which it is sold) to have profit.If cost price is more than selling price then it is a loss