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Variable and Absorption Costing-Service Company Jensen's Tailoring provides custom tailoring services. After the company's first year of operations, its owner prepared the following summarized data report for 2016 Sales (500 completed jobs) $50,000 Tailoring costs (550 jobs) Direct labor Manufacturing overhead 23,500 6,000 4,500 Variable Fixed Operating expenses Variable 2,800 Fixed 2,900 a. Prepare an income statement based on full absorption costing Only use a negative sign with your answer for net income (loss), if the answer represents a net loss. Otherwise, do not use negative signs with any answers. Round answers to the nearest whole number, when applicable. Absorption Costing Income Statement Sales 50,000 Cost of Goods Sold: Beginning Inventory Direct labor 23,500 Manufacturing overhead 10.500 Less: Ending Inventory Cost of Goods Sold Gross profit Operating expenses 5,700 o x b. Prepare an income statement based on variable costing. nly use a negative sign with your answer for net income (loss), if the answer represents a net loss. Otherwise, do not use negative signs with any answers. Round answers to the nearest whole number, when applicable. Variable Costing Income Statement Sales Variable cost of Goods Sold: Beginning Inventory Direct labor 0. Variable manufacturing overhead 0 X Less: Ending Inventory Variable cost of goods sold Variable operating expenses :-/ Contribution margin ariable operating expenses Contribution margin 0 x Fixed costs: Manufacturing overhead Operating expenses Total Fixed Cost Net Income (Loss) c. Assume that you must decide quickly whether to accept a special one-time order to alter 50 band costumes for $75 per costume. which income statement presents the most relevant data? variable costing Determine the apparent profit or loss on the special order based solely on these data. Use a negative sign with your answer if the special order creates an apparent loss. Round answer to the nearest whole number s 0 Check