1B 3A 3B Tami Tyler opened Taml's Creations, Inc., a small manufacturing company, at the beginning of the year. Getting the company through Itsfirst quarter of operations placed a considerable strain on Ms. Tyler's personal finances. The following income statement for the firstquarter was prepared by a friend who has just completed a course in managerial accounting at State University.Tami's Creations, Inc.Income StatementFor the Quarter Ended March 31Sales (28, 400 units)Variable expenses:Variable cost of goods soldVariable selling and administrativeContribution marginFixed expenses:Fixed manufacturing overheadFixed selling and administrativ$1,136, 000$ 440, 200178, 920619, 120516, 880251, 200277, 680528, 880Net operating loss$( 12, 000)Ms. Tyler is discouraged over the loss shown for the quarter, particularly because she had planned to use the statement as support fora bank loan. Another friend, a CPA, insists that the company should be using absorption costing rather than variable costing andargues that if absorption costing had been used the company probably would have reported at least some profit for the quarter.At this point, Ms. Tyler is manufacturing only one product-a swimsuit. Production and cost data relating to the swimsuit for the firstquarter follow:Units produced31, 40028, 400Units soldVariable costs per unit:Direct materialsDirect laborVariable manufacturing overheadVariable selling and administrative$ 7.60$ 6.00$ 1.90$ 6.30Prev1 of 5Next >DELL%23$&37edghk Topic Week 6: Discussion IIC Chegg Customer Service Phone Xnheducation.com/ext/map/index.html?_con%3Dcon &external_browser%=D0& launchUrl=https%253A%252F%252Fnewconnect.mhedpter 6SavedRequired: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 31,400 units but sold 34,400 units. (Assutotal 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.Reg 1AReg 18Req 1cReg 3AReg 38Reg 30What is the company's absorption costing net operating income (loss) for the quarter? (Round your intermediate calculationsto 2 decimal places.)Tami's Creations, Inc.Absorption Costing Income StatementTotalSales24834,900Cost of goods sold(667.400)Gross margin167.500Selling and administrative expenses(178,920)Net operating income (loss)1 of 5Next >DELL

Requirement 1B: The calculation of net operating income or loss is as follows: The resultant table…

Requlred: 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 31,400 units but sold 34,400 units. (As 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. Reg 1A Reg 18

Requlred: 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 31,400 units but sold 34,400 units. (As 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. Reg 1A Reg 18

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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