Tami Tyler opened Tami's Creations, Incorporated, 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 Tami's Creations, Incorporated Income Statement For the Quarter Ended March 31 Sales (28,300 units) $1,132,000 Variable expenses Variable cost of goods sold $ 424,500 Variable selling and administrative 183,950 608,450 Contribution margin 523,550 Fixed expensest Tixed manufacturing overhead 250,400 Fixed selling and administrative 285,150 535, 550 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-swimsuit. Production and cost data relating to the swimsuit for the first quarter follow: 31,300 20,300 Units produced Units sold Variable costa per unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative 5.7.30 5.6.20 51.59 5 6.50 . What is the company's variable costing net operating income (loss) for the seco . What is the company's absorption costing net operating income (loss) for the se e. Reconcile the variable costing and absorption costing net operating incomes for 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 decir Unit product cost Req 1A keq 1B rea Req 1C Req Req 3B Req 3C What is the company's absorption costing net operating income (loss) for the quarter? (Rou to 2 decimal places.) Tami's Creations, Incorporated Absorption Costing Income Statement Total 0 Net operating income (loss) Req 1A Reg 1B feq 1C Req Req 3B Reg 3C Reconcile the variable and absorption costing net operating income (loss) figures. (Losses and deductions 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) During the second quarter of operations, the company again produced 31,300 units but sold 34,300 units. What is the company's variable costing net operating income (loss) for the second quarter? Tami's Creations, Incorporated Variable Costing Income Statement 0 0 0 Net operating income (loss) During the second quarter of operations, the company again produced 31,300 units but sold 34,300 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, Incorporated Absorption Costing Income Statement Total 0 Net operating income (loss) During the second quarter of operations, the company again produced 31,300 units but sold 34,300 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) Absorption costing net operating income (loss)