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$ 491,920 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 Sales (28,600 units) For the Quarter Ended March 31 $ 1,144,000 Variable expenses Variable cost of goods sold Variable selling and administrative 171.600 663, 520 Contribution margin 480,480 Pixed expenses: Tixed manufacturing overhead 252,800 Fixed selling and administrative 239,680 492,480 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 Units produced 31,600 Variable conto per unit Direct materials 5.8.10 Variable manufacturing overhead Variable selling and administrative 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 31,600 units but sold 34,600 units. (Assume no change in total fixed costs) a. Who 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 costing and absorption costing net operating incomes for the second quarter Units sold 28,600 $ 7.40 Direct labor $1.70 $6.00 Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 10 Reg 3A Reg 3B Reg 3C Compute the unit product cost under absorption costing. (Round your answer to 2 decimal places.) Unit product cost Reg 1A Req 1B > Req 1A Reg 1B Req 1C Req Req 38 Reg 3C 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, Incorporated Absorption Costing Income Statement Total 0 Net operating income (oss) Req 1A Reg 18 Req 1C Req Req 3B Reg 3C Reconcile the variable and absorption costing net operating income (loss) 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 not operating incomo (loso) Reg 1A Reg 1B Req 10 Req Reg 3B Reg 30 During the second quarter of operations, the company again produced 31,600 units but sold 34,600 units. What is the company's variable costing net operating income (loss) for the second quarter? Tami's Creations, Incorporated Variable Costing Income Statement 0 0 0 Not operating income (loss) Reg 1A Reg 1B Req 1C Reg Req 38 Reg 3C During the second quarter of operations, the company again produced 31,600 units but sold 34,600 units. What is the company's absorption costing net operating income (loss) for the second quarter? (Round your intermediate calculations to 2 decimal places.) Tami's Creations, Incorporated Absorption Costing Income Statement Total 0 Net operating income (loss) Reg 1A Reg 1B Req 1C Req Req 3B Reg 3C During the second quarter of operations, the company again produced 31,600 units but sold 34,600 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.) Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Variable costing net operating incomo (loss) Absorption costing net operating income (loss)