Accounting Experts Please Help. Thumbs up for corrext answers !

Chec Problem 7-23 Absorption and Variable Costing; Production Constant, Sales Fluctuate [L07-1, L07-2, LO7-3] Tami Tyler opened Tami's Creations, Inc., 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 at State University $ 1,134,000 Tami's Creations, Inc. Income Statement For the Quarter Ended March 31 Sales (28,350 units) Variable expenses Variable cost of goods sold $ 470,610 Variable selling and administrative 198,450 Contribution margin Fixed expenses Fixed manufacturing overhead 266,800 Fixed and administrative 213, 140 Net operating loss 6 48 20.000) 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-a swimsuit Production and cost data relating to the swimsuit for the first 33. 350 28,350 Units produced Units sold Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative $ $ $ 7.50 7.30 1.80 7.00 Required: 1. Complete the following: a. Compute the unit product cost under absorption costing. b. What is the company's absorption costing net operating income (loss) 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 33,350 units but sold 38.350 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 mpany's absorption costing net operating income (loss) for the second quarter? c. Reconcile the variable costing and absorption costing net operating incomes for the second quarter. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req1C Reg 3A Reg 3B Reg 3C Req 1A Req 18 Req 1C Req 3A Reg 3B Req 3C During the second quarter of operations, the company again produced 33,350 units but sold 38,350 units. (Assume no change In total fixed costs.) What is the company's variable costing net operating Income (loss) for the second quarter? Tami's Creations, Inc. Variable Costing Income Statement Net operating income (loss) Req 1A Req 1B Reg 1C Req Reg 3B Req 3C During the second quarter of operations, the company again produced 33,350 units but sold 38,350 units. Assume no change In total fixed costs.) 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, Inc. Absorption Costing Income Statement Net operating income (loss) Req 1A Req 1B Req 1C Req 3A Req 3B Req 3C During the second quarter of operations, the company again produced 33,350 units but sold 38,350 units. (Assume no change in total fixed costs. Reconcile the variable costing and absorption costing net operating incomes (losses) for the second quarter. (Losses and deductions should be entered as a negative.) Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Variable costing net operating income (loss) Absorption costing net operating income (loss)