35 per unit 55 per unit $ 20 per unit nutacturing costs Direct materials Direct labor Overhead costs Variable Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit $8,400,000 (per year) 800,000 $4,500,000 105,000 units 75,000 units 360 per unit $ Prepare an income statement for the year using variable costing. 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 Prepare an income statement for the year using variable costing. $ 27,000,000 SIMS COMPANY Variable Costing Income Statement Sales Less: Variable costs Direct materials Direct labor Variable overhead costs Variable selling and administrative expenses 800,000 Total variable costs Contribution margin Less: Fixed expenses Fixed overhead costs 803,850 17,950,000 8,400,000 Total fixed expenses Net income (loss) 8,400,000 $ 5,050,000 Required 2 >