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 Tami's Creations, Inc. Income Statement For the Quarter Ended March 31 Sales (28,900 units) Variable expenses: Variable cost of goods sold $ 476,850 Variable selling and administrative 193,630 Contribution margin Fixed expenses: Fixed manufacturing overhead 287,100 Fixed selling and administrative 211,920 Net operating loss 670, 480 485,520 499,020 13,500) $ 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: 31,900 28,900 Units produced Units sold Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative $ 7.40 $ 7.10 $ 2.00 $ 6.70 Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 1C Req Req 3B Req 3C During the second quarter of operations, the company again produced 31,900 units but sold 34,900 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 Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative Net operating income (loss) Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Req 1C Reg Reg 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 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) ( Req3A Req30 > Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 1C Req 3A Req 3B Req 3C During the second quarter of operations, the company again produced 31,900 units but sold 34,900 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 income (loss) Deduct: Fixed manufacturing overhead cost released from inventory under absorption costing Absorption costing net operating income (loss) Req38 Requc