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17 0.72 points Spoed Dook Tomi 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 Tani's Creations, Incorporated Income Statement For the Quarter Ended March 31 Sales (28,000 units) 5 1,120,000 Variable expenses Variable cont of goods sold 3 462,000 Variable selling and administrative 160,000 630,000 Contribution margin 490,000 Fixed expenses Pixed manufacturing overhead 300,000 Tixed selling and administrative 200,000 .500.000 Net operating loss $ (10,000) 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. Print References 30,000 28,000 Units produced Units sold Variable costs per unit Direct materiala Direct labor Variable manufacturing overhead Variable selling and administrative $ 3.50 $ 12.00 $ 1.00 $ 6.00 17 0.72 points Direct labor 512.00 Variable manufacturing overhead 5 1.00 Variable selling and administrative $ 6.00 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 30,000 units but sold 32,000 units. (Assume no chang 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 Skipped eBook Pint Neferences Complete this question by entering your answers in the tabs below. Reg 3C Reg 1A Reg 18 Reg 10 Reg 3 Req 30 Compute the unit product cost under absorption costing (Round your answer to 2 decimal places.) Unit product cost Req 18 ) RENA Complete this question by entering your answers in the tabs below. Req1A Reg 1B Reg 1C Reg 3A Reg 3B 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, Incorporated Absorption Couting Income Statement Total 0 $ 0 OOK Complete this question by entering your answers in the tabs below. int ences Req1A Reg 18 Reg 1C Reg 3A Reg 38 Reg 3C Reconcile the variable and absorption costing net operating Income (loss) figures. (Enter any losses or deductions as a negative value.) Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Variable costing net operating income (los) Absorption costing net operating income (loss) Book complete this question by entering your answers in the tabs below. Pin Req 1A Reg 10 Reg 1C Req 3A Req 38 Reg 3C During the second quarter of operations, the company again produced 30,000 units but sold 32,000 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 Mc Graw HAI sw