Fellner Corporation produces a single product and has the following cost structure: 
Required:
a. Compute the unit product cost under absorption costing. Show your work!
b. Compute the unit product cost under variable costing. Show your work!
Definitions:
Implied Authority
Authority of an agent that is not explicitly stated but is deemed necessary to carry out express authority.
Duty of Performance
An obligation of a party in a contract to fulfill the terms and conditions as agreed within the contract.
Reasonable Skill
A term used to describe the level of competence that a professional or practitioner is expected to display in their field, often used in legal contexts to establish standards for professional services.
Fiduciary
A person who holds a position of trust, required to act for the benefit of another party with respect to specific duties.
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