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 Toni's Creations, Inc. Income Statement For the Quarter Ended March 31 Sales (20,600 units) $ 1,144,000 Variable expenses: Variable cost of goods sold $ 477,620 Variable selling and administrative 174,460 652,080 Contribution margin 491,920 Fixed expenses Fixed manufacturing overhead 252,800 Fixed selling and administrative 251,128 503, 920 Net 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 31,600 28,600 Units produced Units sold Variable costs per unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative $ 7.30 $ 7.70 5 1.20 5 6.10 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 foss) figures 3. During the second quarter of operations, the company again produced 31,600 units but sold 34,600 units. (Assume no change in total foxed 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 16 Regic Reg Reg30 Res 30 Compute the unit product cost under absorption costing Round your anuwer to 2 decimal place.) Unit product cos! Complete this question by entering your answers in the tabs below. Req 1A Reg 13 Regic Reg 3A Reg 38 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 Net operating income foss) Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 10 Req 3A Reg 3B Reg 3C Reconcile the variable and absorption costing net operating income (loss) figures. (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 (100) Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 10 Reg Reg 38 Req During the second quarter of operations, the company again produced 31,600 units but sold 34,600 units. 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 (loss) Complete this question by entering your answers in the tabs below. Reg 1A Reg 13 Req 1C Reg 3A Reg 38 Reg 3C During the second quarter of operations, the company again produced 31,600 units but sold 34,600 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 Net operating Income (oss) Reg 1A Reg 18 Reg 10 Reg Reg 3B Reg 3C During the second quarter of operations, the company again produced 31,600 units but sold 34,600 units. 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 Incomes Variable costing net operating in como (foto) Absorption costing net operating Income (los)