If a casket cost $1,000.00 wholesale, and the funeral home's fixed multiple was 5, then $500 would be the selling price of that casket.
The selling price is the initial label that the salesperson puts on the product, and the asking price is the price at which the product will eventually be sold. Determine the total cost of all purchased units. Divide the total cost by the number of units purchased to get the cost price. Use the selling price formula to calculate the final price: selling price = cost + profit margin.
Companies should be able to bear all the costs of their products, pay their operating costs, and make a profit. Customers compare products based on retail prices and decide how to allocate their money. Businesses rely on selling prices to determine revenue from sales and achieve business goals.
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