Question 1 Not yet answered Marked out of 100.00 P Flag question 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) $160,000 Tailoring costs (550 jobs) Direct labor 75,200 Manufacturing overhead Variable 19,200 Fixed 14,400 Operating expenses Variable 8,960 Fixed 9,280 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 $ Cost of Goods Sold: Beginning Inventory Direct labor $ Less: Ending Inventory Cost of Goods Sold Net Income (Loss) $ b. Prepare an income statement based on variable 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. Variable Costing Income Statement Sales $ Variable cost of Goods Sold: Beginning Inventory $ Direct labor Less: Ending Inventory Variable cost of goods sold Net Income (Loss) b. Prepare an income statement based on variable 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. Variable Costing Income Statement Sales Variable cost of Goods Sold: Beginning Inventory Direct labor $ $ Less: Ending Inventory Variable cost of goods sold Fixed costs: 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 $240 per costume. Which income statement presents the most relevant data? 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