QUESTION 7 The process of target costing includes: studying market condition to identifying product's allowable cost performing cost reduction strategies with the product designer's effort and creativity to identify the product-level target cost; Both of the above Neither of the above QUESTION 8 What is markup pricing? The dollar amount added to the a reseller's costs The total profit a reseller makes on a sale The dollar amount added to cover the costs of operating a business The dollar amount that represents the average profit margin QUESTION 9 During a products life cycle a firm typically chooses one pricing approach and stays with it for the entire cycle True False