Answer:

→Markup refers to the difference between the selling price of a good or service and its cost. It is expressed as a percentage above the cost. In other words, it is the added price over the total cost of the goodCost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) is a term used in managerial accounting.

→Understanding markup is very important for a business. For example, establishing a pricing strategy is one of the most important parts of strategic pricing.

Explanation:

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