The Crab Shack Experienced the Following Costs in 2017 (Assume

question 35

Multiple Choice

The Crab Shack experienced the following costs in 2017 (Assume the same unit costs in all years) : $\begin{array}{lr}\text { Direct materials }&\$ 2.25 \text { per unit }\\\text { Direct labor }&\$ 1.50 \text { per unit }\\\text { Manufacturing overhead costs }\\\text { Variable } & \$ 1.10 \text { per unit } \\\text { Fixed } & \$ 60,000\\\text { Selling } \& \text { administrative costs }\\\text { Variable selling } & \$ 0.80 \text { per unit } \\\text { Fixed selling } & \$ 9,000 \\\text { Fixed administrative } & \$ 13,000\end{array}$ There were 1,800 units in beginning inventory.During the year, the company manufactured 24,000 units and sold 25,000 units.If net income using variable costing was $76,250, how much is net income using full costing?

• A)$5,880
• B)$79,250
• C)$73,750
• D)$74,350

Evaluate the concept of dumping in international trade and its related policy responses.

Understand the link between trade policies, economic growth, and the well-being of nations.

Analyze trade policies' effects on wide industry ranges, emphasizing self-sufficiency and national security.

Understand the concept of offshoring and its economic impacts.

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Definitions:

Nonfinancial Information

Data related to a company’s operations that is not expressed in monetary terms.

Internal Decision Makers

Entities or individuals within an organization responsible for making choices that affect the company's operations and strategy.

Managerial Accounting

The method of pinpointing, quantifying, examining, elucidating, and relaying financial data to managers to help achieve the objectives of an organization.

External Auditors

Independent experts who review the financial statements of a company to ensure accuracy and compliance with accounting standards.