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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 $ 1,124,000 Tant's Creations, Inc. Incone Statenent For the Quarter Ended March 31 Sales (28,189 units) Variable expenses Variable cost of goods sold $ 466,460 Variable selling and administrative 193,898 contribution margin Fixed expenses: Fixed manufacturing overhead 279,900 Fixed selling and administrative 197 25e Net operating loss 660, 350 463,650 477, 158 $ ( 13,500) 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 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 swimsult for the first quarter follow: 11,108 28, 100 Units produced Units sold Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative $ 7.50 $ 7.20 $ 1.90 $ 6.98 Required: 1. Complete the following: a. Compute the unit product cost under absorption costing. b. What is the company's absorption cosung 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 31,100 units but sold 34,100 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 company's absorption cosung net operating Income (loss) for the second quarter? c. Reconcile the variable cosung and absorption costing net operating incomes for the second quarter. Complete this question by entering your answers in the tabs below. Reg 1A Rey ID Regic Reg 3 Reg 30 Reg 30 Compute the unit product cost under absorption costing. (Round your answer to 2 decimal places.) Unit product cost Req 1B> Tamil 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 $ 1,124,800 Tami's Creations, Inc. Income Statement For the Quarter Ended March 31 Sales (28,100 units) Variable expenses: Variable cost of goods sold $ 466,460 Variable selling and administrative 193, 890 Contribution margin Fixed expenses Fixed manufacturing overhead 279,900 Fixed selling and adeinistrative 197.,250 Net operating loss 660, 350 461,650 47150 $ ( 13,500) 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 loan. Another friend, a CPA, Insists that the company should be using absorpuon costing rather than vaflable 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 31108 28180 Usts produced Units sold Variable costs per unit: Direct materlals Direct labor Variable Manufacturing overhead Variable selling and administrative $ 2.se $ 7.2e $ 1.98 $6.99 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 (105s) 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 31100 units but sold 34, 100 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 company's absorption costing net operating Income (loss) for the second quarter c Reconcile the variable cosung and absorption costing net operating Incomes for the second quarter Complete this question by entering your answers in the tabs below. Reg 1 Reg 1B Req 10 Red 3A Reg 33 Red 3d What is the company's absorption costing net operating income (loss) for the quarter? Round your intermediate calculations to 2 decimal places.) Tami's Creations, Inc. Absorption Costing Income Statement Total Net operating income (loss) 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 $ 1,124,089 Tani's Creations, Inc. Incone Statenent For the Quarter Ended March 31 Sales (28,180 units) Variable expenses: Variable cost of goods sold $ 466,460 Variable selling and administrative 193,890 Contribution margin Tixed expenses: Fixed manufacturing overhead 279,900 Fixed selling and administrative 197, 250 Net operating loss 660, 350 463,650 477, 150 $ ( 13,599) 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 swmsuit. Production and cost data relating to the swimsuit for the first quarter follow 31 100 28,100 Units produced Units sold Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and adninistrative $ 7.50 $ 7120 $ 1.90 $ 6.90 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 34.100 units (Assume no change in tota! 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 loss) for the second quarter? c. Reconcile the variable costing and absorption costing net operating incomes for th second quarter Complete this question by entering your answers in the tabs below. Reg in Reg ID Reg 10 Reg 3A Reg 36 Req 30 Reconcile the variable and absorption costing net operating income doss) figures. (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) $ 1,124,992 $ 468,460 193,899 Sales (28,168 units) Variable expenses: Variable cost of goods sold Variable selling and administrative contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative Net operating loss 600, 350 403,850 279 989 197 250 477150 S 12.500 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 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 produca swimsuit Production and cost data relating to the swimsuit for the first quarter follow 31 100 28.100 Units produced Units sold Vandable costs per Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative $ 7.50 $20 $ 1.90 $6.90 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 34.100 units. Assume no change in total fixed costs a What is the company's variable costing net operating Income doss) for the second quarter? b. What is the company'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. Regic Rea BA Reg 35 Reg 3d During the second quarter of operations, the company again produced 31, 100 units but sold 34, 100 units. What is the company's variable costing net operating income (loss) for the second quarter? Tami's Creations, Inc Variable Costing Income Statement fiet operating income foss) 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 $ 1124.800 Tani's Creations, Inc Income statement For the Quarter Ended March 31 Sales (28.100 units) Variable expenses Variable cost of goods sold $ 486 460 Variable selling and administrative 193.89e Contribution margin Fixed expenses Fixed manufacturing overhead 279.900 Fixed selling and administrative 1972se Net operating loss 6635e 4631650 477 $ 13,500) Ms. Tyler is discouraged over the loss shown for the quaiter 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 polnt, Ms. Tyler is manufacturing only one product-a swimsuit Production and cost data relating to the swimsuit for the first quarter follow 31 100 28.198 Units produced Units solo Variable costs per unit: Direct materials Director Variable manufacturing over head Variables ing and administrative $ 2.se $ 1.20 $ 1.90 $6.99 Required. 1. Complete the following a Compute the unit product cost undet absorption costing b. What is the company's absorption costing net operating Income (loss) for the quarter? Reconcile the variable and absorption costing net operaung Income (loss) figures. 3. During the second quarter of operations, the company again produced 31.100 units but sold 34 100 units. Assume no change in total fixed costs a What is the company's vantable costing net operating income ross) for the second quarter b. What is the company's absorption costing net operating Income (loss) for the second quarter2