Tami Tyler opened Tamis Creations, Incorporated, a small manufacturing compary. 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 manageriat accounting at State University. Ms. Tyler is discouraged over the loss shown for the quarter. particularlv 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 fisst quarter follow. Required: 1. Compiete 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. Recancile the varable and absorption costing net operating income (loss) fiqures. 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 aperating income (loss) figures. 3. During the second quarter of operations, the company again produced 31,000 units but sold 34,000 units. (Assume no change in total foxed costs.) a. What is the company's vanable 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 (losses) for the second quarter