1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement S 26,250,000 Sales Less: Variable costs S 2.625,000 4,125.000 Direct materials Direct labor Variable overhead costs Variable selling and administrative expenses 750,000 7.500.000 Total variable costs 18,750,000 Contribution margin Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs Net income (loss) Required 2> K Requred