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 Tani's Creations, Inc. Income Statement For the Quarter Ended March 31 Sales (28,300 units) $ 1,132,000 Variable expenses: Variable cost of goods sold $ 472,610 Variable selling and administrative 198, 100 670, 710 Contribution margin 461,290 Fixed expenses: Fixed manufacturing overhead 266,400 Fixed selling and administrative 214,890 481,290 Net operating loss $ 20,000) 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: 33,300 28,300 Units produced Units sold Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative $ 7.10 $ 8.00 $ 1.60 $ 7.00 Required: 1. Complete the following Det materials Direct Labor Variable manufacturing overhead Variable selling and administrative $ 7.10 $.8.00 $ 1.60 $ 7.00 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 33,300 units but sold 38,300 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 Req 18 Reg 10 Reg 3A Reg 30 Reg 3C Compute the unit product cost under absorption costing. (Round your answer to 2 decimal places.) Unit product cost NA Reg 10 > Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative $ 7.10 $ 8.00 $ 1.60 $ 7.00 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 (loss) figures. 3. During the second quarter of operations, the company again produced 33,300 units but sold 38,300 units. (Assume ne 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 (oss) 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 18 Reg 10 Reg 3A Reg 38 Reg 30 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 0 Net operating income (loss) mework (0 33,300 28,300 Units produced Units sold Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative $ 7.10 $ 8.00 $ 1.60 $ 7.00 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 33,300 units but sold 38,300 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 1C Req 1B Req 3A Reg 38 Reg 30 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 (loss) (Reg 18 Reg 3A > Required: 1. Complete the following: 3. 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 33,300 units but sold 38,300 units. (Assume no ch 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. Req 1A Req 38 Reg 10 Req 1C Req Reg 30 During the second quarter of operations, the company again produced 33,300 units but sold 38,300 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 Not Operating Incomes Variable costing net operating income (loss) Absorption costing net operating income (loss)