3 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. 3. Under what circumstance(s) is reported income identical under both absorption costing an points Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Prepare an income statement for the year using variable costing. Hint SIMS COMPANY Variable Costing Income Statement Print 24500,000 Less: Variable costs References Direct materials Direct labor Variable selling and administrative expenses Variable overhead costs 4,200,000 770 2,100,000 Total variable costs margin 9,870.000 14,630,000 Less: Foxed expenses Fixed overhead costs Fixed selling and administrative costs 7,000,000 Total fixed expenses 11,250,000 Net income (loss) MacBook Pro 2 3 4 5 6 Chapter 06 Homework 6 Help Sa 3 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017 Its cost and sales information for this year follows. points Manufseturing costs Direct materials Direct labor 40 per unit 60 per unit overhead costs for the year $3,000,000 $7.000,000 Varlable overhead rixed overhead Selling and administrative costs for the year Variable Pixed s 770,000 $4,250,000 Production and sales for the year Units produced taits sold sales price per unit 100,000 units 0,000 units Hint 350 per unit 1. Prepare an income statement for the year using variable costing 2. Prepare an incomp statement for the year using absorption costing 3. Under what circumstancels) is reported income identical under both absorption costing and variable costing? Complete this question by entering your answers in the tabs below. Required 1 equired 2 Required 3 Prepare an income statement for the year using variable costing. Variable Costing Income