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Tami 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 at State University. Tami's Creations, Incorporated Income Statement For the Quarter Ended March 31 Sales (28,300 units) $ 1,132,000 Variable expenses: Variable cost of goods sold $ 449,970 Variable selling and administrative 169,800 619,770 Contribution margin 512,230 Fixed expenses! Pixed manufacturing overhead 250,400 Fixed selling and administrativo 273,830 524,230 Net operating loos $ 12,000) 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 quarter follow: Units produced 31,300 Units sold 28,300 Variable conto per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative $ 7.40 $ 6.90 $ 1.60 $ 6.00 Check my work $ 7.40 $ 6.90 $ 1.60 $ 6.00 vould 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 wimsuit for the first quarter follow: Units produced 31,300 Units gold 28,300 Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative tequired: Complete the following: Compute the unit product cost under absorption costing. What is the company's absorption costing net operating income (loss) for the quarter? Reconcile the variable and absorption costing net operating income (loss) figures. 1. During the second quarter of operations, the company again produced 31,300 units but sold 34,300 units. (Assume o change in total fixed costs.) What is the company's variable costing net operating income (loss) for the second quarter? What is the company's absorption costing net operating income (loss) for the second quarter? 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. Req 1A Reg 1B Reg 10 Reg 3A Reg 3B Reg 3C During the second quarter of operations, the company again produced 31,300 units but sold 34,300 units. Reconcile the variable costing and absorption costing net operating incomes (losses) for the second quarter. (Losses and deductions should be entered as a negative.) epped Book Tami Tyler opened Tami's Creations, Incorporated, a small manufacturing company, at the beginning 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 Tami's Creations, Incorporated Income Statement For the Quarter Ended March 31 Sales (28,300 units) $ 1,132,000 Variable expenses Variable cost of goods sold $ 449,970 Variable selling and administrative 169,800 619,770 Contribution margin 512,230 Fixed expenses Pixed manufacturing overhead 250,400 Fixed selling and administrative 273,830 524,230 Net operating loss $ ( 12,000) 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 quarter follow: Print ferences 31,300 28,300 Units produced Units sold Variable costs per uniti Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative $7.40 $6.90 $ 1.60 56.00 Required