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, Tini's Creation. The Income statement To the Ounctae Ended March 31 Sale (20,700 unita) 31,140,000 Variable expenses Variable cost of goods sold $493,370 Variable selling and administrative 175,079 608,440 Contribution margin 539,560 Tixed expenses Fixed nanufacturing overhead 253,600 Tixed selling and administrative 297,160 551, 560 Nint 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: Ulte produced Unita mold Variable conte per unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative 01.700 20,700 17.30 5.90 1.90 $6.16 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 (los) for the quarter? 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 31,700 units but sold 34,700 units. (Assume no change 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 costing and absorption costing net operating incomes for the second quarter. Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Reg 10 Reg 3A Req 38 Reg 3C Compute the unit product cost under absorption costing. (Round your answer to 2 decimal places.) Unit product cost $ 23.23 Reg 18> Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 1C Roq 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, Inc, Absorption Costing Income Statement Total Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income (ons) 01 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 (oss) 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 31,700 units but sold 34,700 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 costing and absorption costing net operating incomes for the second quarter. Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Req1C Regs Reg 38 Reg 3 Reconcile the variable and absorption costing net operating income (los) figures. (Lotes and deductions should be entered as a negative.) Reconciliation of Variable Costing and Absorption Coating Net Operating Incomes Variable costing net operating income (ons) Add: Fixed manufacturing overtreed cost deferred in inventory under absorption costing Absorption costing net operating income (so) Req 18 Req3A > wiry typy. U yur. 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. Req 1A Req 18 Req 1C Req 3A Reg 38 Reg 3C During the second quarter of operations, the company again produced 31,700 units but sold 34,700 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 expenses: Variable cost of goods sold Variable selling and administrative 0 Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative Net operating income (loss) 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. Reg 1A Req 1B Req 10 Rea Req 3B Req 3C During the second quarter of operations, the company again produced 31,700 units but sold 34,700 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 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income (loss) 0 qodel Complete this question by entering your answers in the tabs below. Reg 1A Reg 13 Requc Red 3A Reg 38 Req3C During the second quarter of operations, the company again produced 31,700 units but sold 34,700 units. Reconcile the variable conting 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 conting net operating income foss) Deduct: Fixed manufacturing overhead controlated from inventory under absorption conting Absorption couting net operating income (1)