Check my For the Quarter Ended March 31 Sales (28,100 units) Variable expenses: $ 1,124,000 Variable cost of goods sold $ 460,840 Variable selling and administrative 177,030 637,870 Contribution margin 486,130 Fixed expenses: Fixed manufacturing overhead 248,800 Fixed selling and administrative 249,330 498,138 Net operating loss $ ( 12,820) 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 31,100 Units sold 20,100 Variable costs per unit: Direct materials $ 7.60 Direct labor $ 5.80 Variable manufacturing overhead $ 2.ee Variable selling and administrative 5.6.30 Required: 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.lee Units sold 28,100 Variable costs per unit: Direct materials $ 7.60 Direct labor $ 6.80 Variable manufacturing overhead $ 2.ee Variable selling and administrative $ 6.30 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 (loss) figures 3. During the second quarter of operations, the company again produced 31100 units but sold 34100 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 quarter Complete this question by entering your answers in the tabs below