Cost Accounting: Margin ≠ Markup

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The RIA’s Advocacy and Government Affairs Committee has developed educational resources for restorers to explain the difference between margin and markup and the reasons why understanding that difference is important for any business. 

RIA members must understand basic principles of cost accounting in order to be in a position to establish prices independently from prices which insurers and other third parties attempt to impose upon their businesses. There are numerous methods of determining a sales price, and determining the markup necessary to achieve a desired margin is one of those methods.

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Cost Accounting: Margin ≠ Markup Infographic
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Open to download resource. The RIA’s Advocacy and Government Affairs Committee has developed the following to explain the difference between margin and markup and the reasons why understanding that difference is important for any business. RIA members must understand basic principles of cost accounting in order to be in a position to establish prices independently from prices which insurers and other third parties attempt to impose upon their businesses. There are numerous methods of determining a sales price, and determining the markup necessary to achieve a desired margin is one of those methods.
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