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) $ 1,132,800 Variable expenses! Variable cost of goods sold $ 472,610 Variable selling and administrative 178,290 650,900 Contribution margin 481, 180 Fixed expenses: Fixed manufacturing overhead 250,400 Fixed selling and administrative 242,700 493, 100 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: Units produced 31,300 Units sold 28,300 Variable costs per unit: Direct materials $ 7.40 Direct labor $ 7.40 Variable manufacturing overhead $ 1.90 Variable selling and administrative $ 6.30 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 31,300 units but sold 34,300 units. (Assume no change in total fixed costs.) a. What is the company's variable costing net operating income (oss) for the second quarter? c. Reconcile the variable and absorption costing net operating Income (loss) figures. 3. During the second quarter of operations, the company again produced 31,300 units but sold 34,300 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. Req 1A Reg 18 Req 1C Red 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, Incorporated Absorption Costing Income Statement Total Sales Cost of goods sold Gross margin Net operating income (loss) variable selling ano aoministrative > 0.30 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 31,300 units but sold 34,300 units. (Assume no change i 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 Reg 1B Reg 10 Reg 3A Reg 3B Req 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) Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Req1c Req Reg 38 Reg 30 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) 3. During the second quarter of operations, the company again produced 31,300 units but sold 34,300 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. Req 1A Reg 1B Req 10 Reg 3A Reg 38 Reg 30 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 (105) Saved e Costing and Segment Reporting Help 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 31,300 units but sold 34,300 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 quarterd 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 18 Req 1C Reg 3A Reg 3B Reg 3C 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 Not Operating incomes Variable costing net operating income (lon) Absorption conting net operating income (1018)