How important is it to trace costs appropriately?  Explain. As you are beginning to think about the importance of tracing costs appropriately, please consider the differences between variable costing and absorption costing.  What implications does each of these have on such things as financial reporting of profit and pricing your products for the marketplace?

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Pricing

Pricing is used as a term in finance and economics, pricing is the process of fixing a value for a product or a service. Pricing establishes a value for a product or service that the customer has to pay. A business can choose from different strategies while deciding to set prices.