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: $100,000 Sales (500 completed jobs) Tailoring costs (550 jobs) Direct labor Manufacturing overhead 47,000 Variable 12,000 Fixed 9,000 Operating expenses Variable 5,600 Fixed 5,800 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 100,000 Cost of Goods Sold: Beginning Inventory Direct labor 47,000 Manufacturing overhead 21,000 Less: Ending Inventory Cost of Goods Sold Contribution margin Contribution margin 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