Tami Tyler opened Tami's Creations, Inc., a small manufacturing company, at the beginning of the year. Getting the company its first quarter of operations placed a considerable strain on Ms. Tyler's personal finances. The following income statement fo quarter was prepared by a friend who has just completed a course in managerial accounting at State University $ 1,126,000 variable poste of gbilds sold Tami's Creations, Inc. Income Statement For the Quarter Ended March 31 Sales (28,158 units) expenses $ 433,510 Variable selling and administrative 194,235 Contribution margin Fixed expenses: Fixed manufacturing overhead 265,200 Fixed selling and administrative 253,955 Net operating loss 627,745 498,255 518,255 5 ( 20,000) Ms. Tyler is discouraged over the loss shown for the quarter, particularly because she had planned to use the statement as support 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 33,150 Units produced Prey 6 of 6 E Next Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Req 1c Req Req 3B Reg 3C What is the company's absorption costing net operating income (loss) for the quarter? (Round your interm to 2 decimal places.) Tami's Creations, Inc. Absorption Costing Income Statement Net operating income (loss) HACCUNCIIC LIC VOITUIE CUsury ONU OLSUPUI CUSTY ICLOPCION ILVHCS TU LE SCLUITU YUICI. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Red Req 3A Req 3B Reg 3C Reconcile the variable and absorption costing net operating income (loss) figures. (Losses and deductions should be en 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) Reg 1A Req 1B Reg 10 Reg 3A Req 3B Reg 30 During the second quarter of operations, the company again produced 33,150 units but sold 38,150 units. (Assume no change In total fixed costs.) What is the company's variable costing net operating income (loss) for the second quarter? Tami's Creations, Inc. Variable Costing Income Statement Net operating income (losa) Req1C Req38 > Ek i Saved Help Save & E Chet Complete this question by entering your answers in the tabs below Req 1A Reg 1B Req 1C Req 3A Reg 3B Reg 3C During the second quarter of operations, the company again produced 33,150 units but sold 38,150 units. (Assume no change in total fixed costs. 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 Income Variable costing net operating income (los) Absorption costing net operating income (loss)