Sales (500 completed jobs) $200,000 Tailoring costs (550 jobs) Direct labor 94,000 Manufacturing overhead Variable 24,000 Fixed 18,000 Operating expenses Variable 11,200 Fixed 11,600 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. 200000 Absorption Costing Income Statement Sales $ Cost of Goods Sold: Beginning Inventory $ 0 Direct labor 94000 Manufacturing overhead 170.91 Less: Ending Inventory Cost of Goods Sold Gross profit Operating expenses Net Income (Loss) $ 123636.36 76363.64 22800 53563.64