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$ 1,120,000 Tamis Creations, Incorporated Income Statement For the Quarter Ended March 31 Sales (28,000 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 $ 462,000 168,000 630,000 490,000 300,000 200,000 500,000 $ (10,000) 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: 30,000 28,000 Units produced Units sold Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative $ 3.50 $ 12.00 $ 1.00 $ 6.00 Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 10 Req Req 3B Reg 3C Compute the unit product cost under absorption costing. (Round your answer to 2 decimal places.) Unit product cost Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 1C Req Req 3B 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 Reg 1A Reg 1B Reg 1C Req Req 3B Reg 3C Reconcile the variable and absorption costing net operating income (loss) figures. (Enter any losses or deductions as a negative value.) Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Variable costing net operating income (loss) Absorption costing net operating income (loss) During the second quarter of operations, the company again produced 30,000 units but sold 32,000 units. What is the company's variable costing net operating income (loss) for the second quarter? Tami's Creations, Incorporated Variable Costing Income Statement Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 1c Reg 3A Reg 3B Reg 3C During the second quarter of operations, the company again produced 30,000 units but sold 32,000 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 Reg 1A Reg 1B Req 1C Req Reg 3B Reg 3C During the second quarter of operations, the company again produced 30,000 units but sold 32,000 units. Reconcile the variable costing and absorption costing net operating incomes 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 income (loss) Absorption costing net operating income (loss)