Silver Rex,Inc Requirements:
A)Compute Silver Rex's Unit Product Cost Under Absorption Costing

question 167

Multiple Choice

Silver Rex,Inc.has provided the following data for the year ended December 31,2017: $$\begin{array} { | l | r | } \hline \text { Direct materials } & \$ 10 \text { per unit } \\\hline \text { Direct labor } & \$ 15 \text { per unit } \\\hline \text { Variable manufacturing overhead } & \$ 20 \text { per unit } \\\hline \text { Fixed manufacturing overhead } & \$ 25,000 \text { per year } \\\hline \text { Fixed selling and administrative costs } & \$ 15,000 \text { per year } \\\hline \text { Sales price } & \$ 75 \text { per unit } \\\hline \text { Beginning Finished Goods Inventory } & 500 \text { units } \\\hline \text { Units produced } & 5,000 \text { units } \\\hline \text { Units sold } & 4,500 \text { units } \\\hline\end{array}$$ Requirements:

• A)Compute Silver Rex's unit product cost under absorption costing and variable costing.
• B)Prepare income statements for Silver Rex using absorption costing and variable costing.
• C)Calculate the balance in Finished Goods Inventory using absorption costing and variable costing.
• Assume that the production level,costs,and sales prices were the same in the previous year.

Prepare for and navigate through difficult conversations.

Recognize and evaluate the responses to negotiation mismatches.

List and explain strategic levers in shadow negotiation.

Understand the implications of using ultimatums in negotiations.

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Definitions:

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Statute of Frauds

A legal principle requiring certain contracts to be in writing and signed to be enforceable, including those for the sale of land or goods above a certain value.

Usage of Trade

Established customs and practices in a particular industry or market that are widely accepted and used by parties in commercial transactions.

Baker's Dozen

A quantity of thirteen, traditionally used to ensure buyers received good value, originating from bakers adding an extra item to a dozen.