3 Tam Tyler opened Tami's Creations, Incorporated, a small manufacturing company at the beginning of the year Getting the company through its first quarter of operations placed a considerable strain on Ms. Tyler's personal finances. The following income statement for the first quarter was prepared by a friend who has just completed a course in managerial accounting State University TC Ince Income Statement For the Quarter Ended Mart 11 Sales (20,20 wts) $ 1,125,00 Variable Variable cost of goods sold $ 480, Variable selling and adeinistrative 1600 SNO Contribution margin $38,62 Fixed expenses Fived manufacturing overhead 249,00 Fixed selling and administrative 301,20 Net operating loss 312,000) Ms. Tyler is discouraged over the loss shown for the quarter, particularly because she had planned to use the statement as support for a bank loan. Another friend, a CPA, insists that the company should be using absorption costing rather than variable costing and argues that if absorption costing had been used the company probably would have reported at least some profit for the quarter. At this point, Ms. Tyler is manufacturing only one product-- swimsuit Production and cost data relating to the swimsuit for the first quarter follow 31,200 21,200 Units produced Units sold Variable costs per unit Direct materials Direct labor variable manufacturing overhead Variable selling and administrative $7.10 $ 5.0 $ 1.60 $ 6.0 Required: 1. Complete the following a. Compute the unit product cost under absorption costing 5 What is the company's absorption costing net operating Income (oss) for the quarter 1. Complete the following: a. Compute the unit product cost under absorption costing b. What is the company's absorption costing net operating income foss) for the quarter? c. Reconcile the variable and absorption costing net operating income foss) figures 3. During the second quarter of operations, the company again produced 31,200 units but sold 34,200 units. (Assume no change in total fixed costs.) a. What is the company's variable costing net operating income (loss) for the second quarter? b. What is the company's absorption costing net operating income foss) for the second quarter? c. Reconcile the variable costing and absorption costing net operating incomes for the second quarter. Answer is not complete Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 1C Req 3A Reg 38 Req3C During the second quarter of operations, the company again produced 31.200 units but sold 34,200 units. Reconcile the variable costing and absorption costing net operating incomes (losses) for the second quarters (Losses and deductions should be entered as a negative.) Reconciliation of Variable Costing and Absorption Costing Net Operating incomes Variable costing net operating income poss) Absorption costing net operating income (loss) 3 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A Req 18 Regic Reg 3 Red 38 Regu During the second quarter of operations, the company again produced 31,200 units but sold 34,200 units. What is the company's absorption costing net operating income (loss) for the second quarter (Round your intermediate calculations to 2 decimal places) Tami's Creations, Incorporated Absorption Costing Income Statement Total 0 Net operating income on Taw 3 Complete this question by entering you are in the tabs below . Reg IA Reg 16 25 point Reg 10 Reg 3A leg Rec During the second quarter of operations, the company again produced 01.200 units but sold 34,200 units, What the company's variable conting not operating income (less) for the second quarter To Incorporated Varia Casting comment + 0 Net operating income on) 3 25 point Required: 1. Complete the following: a. Compute the unit product cost under absorption costing b. What is the company's absorptici costing net operating income foss) for the quarter? c. Reconcile the variable and absorption costing net operating income (oss figures 3. During the second quarter of operations, the company again produced 31200 units but sold 34,200 units. Assume no change in total fixed costs) a. What is the company's variable costing net operating income foss) for the second quarter? b. What is the company's absorption costing net operating income poss) for the second quarter? c. Reconcile the variable costing and absorption costing net operating incomes for the second quarter 2012 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A Red 18 Reg Reg 1C Reg A Bee BE Reconcile the variable and absorption costing net operating Income (loss) Figures. Les and deduction should be entered as a negative) Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Variable costing net operating income foss) Absorption costing net operating incomess) RegSA > (Reg 1A 3 01210 tod Variable costs per unit 25,20 Direct trials Direct labor $ 7.18 15.60 Variable facturing overhead 1 1.6 Variable selling and administrative 16.40 Required: I Complete the following a. Compute the unit product cost under absorption costing b. What is the company's absorption costing net operating income foss) for the quarter? c. Reconcile the variable and absorption costing net operating income oss figures. 3. During the second quarter of operations, the company again produced 31,200 units but sold 34,200 units. (Assume no change in total fixed costs) a. What is the company's variable costing net operating income foss) for the second quarter? b. What is the company's absorption costing net operating income foss) for the second quarter? c. Reconcile the variable costing and absorption costing net operating incomes for the second quartet Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 10 Req Reg 18 Reg 30 Compute the unit product cost under absorption costing. (Round your answer to 2 decimal places.) Unt product co 5 8.00 Reg 18 >