In this paper, we formulate and analyze a manufacturer-retailer supply chain model with product remanufacturing. This model takes into account both forward flow of the new product as well as reverse flow of the used product. Specifically, we assume that the manufacturer can control the wholesale price of the new product as well the transfer price of the used product from the retailer while the retailer can control the retail price of the new product and the collecting price of the used product. Under this assumption, we compare and contrast the coordinated scenario vs. the uncoordinated scenario. Managerial insights and a numerical example are illustrated.