Check my world 3 LUD-2, LU6-3] 6.68 23 Tami Ty or 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 of State University Tile Creation Theorporated Tre stat for the arter ended on 31 Bien (28.08 11.140.000 Variable expen Variable costo od 5 470,610 Variable selling and strative 100,210 651.410 Contribution margin 495,510 Yined expenses Piedmanning werhead 285,100 Tied and artive 224.210 310.00 Wet operating lo 1,500 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 toon Another friend, a CPA insists that the company should be using absorption costing rather than variable costing and negues 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 11,200 Units sold 20.700 Variable costs punts Direct materiais 1.7.30 Direct labor 0.7.40 Variable manufacturing overhed 1.70 Varihte selling and administrative Required: Chapter 6 Homework Sare Help Save & Exit Su Check my w 3 6.68 Variable manufacturing overhead $ 1.70 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 (oss) 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 31700 units but sold 34,700 units. Assume no change in total fixed costs) a. What is the company's variable costing net operating income (oss) 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 02:20:20 ello References Complete this question by entering your answers in the tabs below. Reg 1A Req 18 Reg 1 Reg 30 Red JC Compute the unit product cost under absorption costing (Round your answer to 2 decimal places) Unit product ont Reg 10 > Check my world 3 LUD-2, LU6-3] 6.68 23 Tami Ty or 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 of State University Tile Creation Theorporated Tre stat for the arter ended on 31 Bien (28.08 11.140.000 Variable expen Variable costo od 5 470,610 Variable selling and strative 100,210 651.410 Contribution margin 495,510 Yined expenses Piedmanning werhead 285,100 Tied and artive 224.210 310.00 Wet operating lo 1,500 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 toon Another friend, a CPA insists that the company should be using absorption costing rather than variable costing and negues 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 11,200 Units sold 20.700 Variable costs punts Direct materiais 1.7.30 Direct labor 0.7.40 Variable manufacturing overhed 1.70 Varihte selling and administrative Required: Chapter 6 Homework Sare Help Save & Exit Su Check my w 3 6.68 Variable manufacturing overhead $ 1.70 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 (oss) 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 31700 units but sold 34,700 units. Assume no change in total fixed costs) a. What is the company's variable costing net operating income (oss) 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 02:20:20 ello References Complete this question by entering your answers in the tabs below. Reg 1A Req 18 Reg 1 Reg 30 Red JC Compute the unit product cost under absorption costing (Round your answer to 2 decimal places) Unit product ont Reg 10 >