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 refating to the swimsuit for the first quarter follow: 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 voriable and absorption costing net operating income (loss) figures. 3. During the second quarter of operations, the company again produced 31,800 units but sold 34.800 units. (Assume no change in total fixed costs) a. What is the compony'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 (losses) for the second quarter