Chapter & Tami Tyler opened Tamis Creations, Inc, a small manufacturing company at the beginning of the year Getting the company through ts first quarter of operations placed a considerable strain on Ms. Tyler's personal finances. The following income statement for the frst quarter was prepared by a friend who has just completed a course in managerial accounting at State University Varlable cost of goods seld 270,600 Fixed selling and adeinistrative 18,418,000 Net operating loss Ms. Tyler is discouraged over the loss shown for the quarter particularly becouse 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 veriable 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 Direct materials Variable manufacturing overhead Varlable selline and adeinistrative 5 7.se 5 2.80 5 7.85 Required: 1 Complete the following a Compute the unit product cost under absorption costing Prey 5 ofs! Next to search