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7. The transfer price approach that uses a variety of cost concepts is the a. negotiated price approach b. standard cost approach c. cost price approach d. market price approach 8. The approach that requires the transfer price to be less than the market price but greater than the supplying division's variable costs per unit is called the a. cost price approach b. negotiated cost approach c. standard cost approach d. market price approach 9. The amount of increase or decrease in cost that is expected from a particular course of action as compared with an alternative is a. period cost b. product cost 1 c. differential cost d. discretionary cost 10. Nighthawk Inc. is considering disposing of an old machine with a book value of $22,500 and an estimated remaining life of three years. The old machine can be sold for $6,250. A new machine with a purchase price of $68,750 is being considered as a replacement. It will have a useful life of three years and no residual value. It is estimated that the annual variable manufacturing costs will be reduced from $43,750 to $20,000 if the new machine is purchased. The differential effect on income for the entire three years for the new machine is a(n) a. $8,750 increase b. $31,250 decrease c. $8,750 decrease d. $2,925 decrease 11. When using the variable cost concept of applying the cost-plus approach to product pricing, what is included in the markup? a. total costs plus desired profit b. desired profit c. total selling and administrative expenses plus desired profit d. total fixed manufacturing costs, total fixed selling and administrative expenses, and desired profit