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. $ 1,156,000 Tamis Creations, Inc. Income Statement For the Quarter Ended March 31 Sales (28,903 units) Variable expenses: Variable cost of goods sold $ 436,390 Variable selling and administrative 196,520 Contribution margin Fixed expenses: Fixed manufacturing verne 255,200 Fixed selling and administrative 279,890 Het operating loss 632,910 523,090 535,090 $ ( 12,900) 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: 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: ped 31,900 28,900 Units produced Units sold Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative 7.30 $ 5.90 6.80 Required: 1. Complete the following: 2. 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 (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. 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 31,900 units but sold 34,900 units. (Assume no change in total fixed costs.) a. What is the company's variable costing net operating income (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. d Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 10 Reg 3A Reg 3B Req 30 Compute the unit product cost under absorption costing. (Round your answer to 2 decimal places.) Unit product cost Reg 13 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 31,900 units b total fixed costs.) a. What is the company's variable costing net operating income (loss) for the second qua b. What is the company's absorption costing net operating income (loss) for the second c. Reconcile the variable costing and absorption costing net operating incomes for the se d Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 10 Req 3A Reg 3B Reg 30 What is the company's absorption costing net operating income (loss) for the quarter? (Roun to 2 decimal places.) Tami's Creations, Inc. Absorption Costing Income Statement Total Net operating income (loss) Prev 6 of 8 here to search ups/253A% gnment 1 - Chapter 6 Homework Saved 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 31,900 units but sold 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 seconda Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 1c Req Reg 3B Reg 30 h Reconcile the variable and absorption costing net operating income (loss) figures. (Losses and dedue 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 10 Req 1A Req 1B Req 10 Reg 3A Req 3B Reg 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 decimal places.) Tami's Creations, Inc. Absorption Costing Income Statement Total Net operating income (loss) Req 30 >