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. $ 1,152,000 Tami's Creations, Inc. Income Statement For the Quarter Ended March 31 Sales (28,800 units) Variable expenses: Variable cost of goods sold $ 504,000 Variable selling and administrative 195, 840 Contribution margin Fixed expenses: Fixed manufacturing overhead 286,200 Fixed selling and administrative 179,460 Net operating loss 699,840 452,160 465, 660 $ ( 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: 31,800 28,800 Units produced Units sold Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative $ 7.50 $ 8.00 $ 2.00 $ 6.80 Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req Req 3B Req 3C Compute the unit product cost under absorption costing. (Round your answer to 2 decimal places.) Unit product cost Req 1A Reg 1B Req 1C Reg Reg 3B 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 (loss) Req 1A Req 1B Req 1C Reg 3A Req 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 (loss)