What cost concept used in applying the cost-plus approach to product pricing covers selling expenses, administrative expenses, and desired profit in the markup?

A) total cost concept
B) product cost concept
C) variable cost concept
D) sunk cost concept

Cost-Plus Approach

A pricing strategy where a fixed percentage or fixed amount is added to the cost of producing a product or service to determine its selling price.

Markup

The amount added to the cost of goods to cover overhead and profit, represented as a percentage of cost or a fixed amount.

Selling Expenses

Costs associated with the marketing and sale of a company's products or services, excluding production costs.