I only need the requirements in the photos, thank you.
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 Tami's Creations. The Income Statement For the Quarter Ended March 31 Salem (28,900 units) $1,156,000 Variable expenses Variable cost of goods sold $ 456,620 Variable selling and administrative 196.520 652, 140 Contribution margin 502,860 Tixod expenses Tixed manufacturing overhead 255,200 Tixed selling and administrative 259.660 514860 Not 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 31,900 28,900 Units produced Units sold Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative $ 7.20 $6.60 $ 2.00 $ 6.80 Required: 1. Complete the following: o. 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 31,900 units but sold 34,900 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 (loss) for the second quarter? c. Reconcile the variable costing and absorption costing net operating incomes for the second quarter. Req 1A Reg 1B Req 1C Req Reg 38 Reg 30 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 (oss) Add: Fixed manufacturing overhead cost deferred in Inventory under absorption costing Absorption costing net operating income (loss) $ 12,000 Reg 1A Reg 1B Req 1C Req 3A Reg 3B Req 3C During the second quarter of operations, the company again produced 31,900 units but sold 34,900 units. What is the company's variable costing net operating income (loss) for the second quarter? Tami's Creations, Inc. Variable Costing Income Statement Sales Variable cost of goods sold Variable selling and administrative 0 Contribution margin Fixed expenses Fixed manufacturing overhead Fixed selling and administrative 0 Net operating income (loss) Req 1A Reg 1B Reg 1C Req 3A Reg 3 Req 3C During the second quarter of operations, the company again produced 31,900 units but sold 34,900 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, Inc Absorption Costing Income Statement Total 0 Net operating income (loss) Reg 3A Req3C > Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 1C Red Req 3B Req 3C During the second quarter of operations, the company again produced 31,900 units but sold 34,900 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 Not Operating Incomes Variable costing net operating income (loss) Absorption costing net operating income (loss)
