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)$150,000
tailoring costs (550 jobs)
direct labor70,500
manufacturing overhead
variable18,000
fixed13,500
operating expenses
variable8,400
fixed8,700

required:
prepare an income statement based on full absorption costing

Chance company had two operating divisions, one manufacturing farm equipment and the other office supplies. both divisions are considered separate components as defined by generally accepted accounting principles. the farm equipment component had been unprofitable, and on september 1, 2018, the company adopted a plan to sell the assets of the division. the actual sale was completed on december 15, 2018, at a price of $600,000. the book value of the division’s assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. the division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through december 15. the income tax rate is 40%. chance’s after-tax income from its continuing operations is $350,000. required: prepare an income statement for 2018 beginning with income from continuing operations. include appropriate eps disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)

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