Question 1 PFlag question Marked out of 30.00 Not complete 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 23.500 Manufacturing overhead Variable 6.000 Fixed 4500 gexpenses 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 50,000 Cort f Goods Sold: Beginning Inventory 0 Direct labor 23.500 Manufacturing overhead 10.500 Less: Ending Inventory 3.090 Cost of Goods 5old Gross profit 16619 Operating expenses 5,700 10.919 Net Income (Loss) . 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 50.000 ariable cost of Goods Sald: wentary Direct laber Less: Ending Inventory Variable cost of goods sold C Fixed costs Operatine expenses Total Fixed Cost Not Income (Loss) . Assume that you must decide quickly whether to accept a special one-time order to a 50 band costumes $75 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. the nearest whole number. Use a negative sign with your answer if the special order creates an apparent loss. Round answen