Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. 35 per unit 55 per unit Manufacturing costs Direct materials Direct labor Overhead conta Variable Fixed Selling and administrative conte for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit $ 20 per unit $8,400,000 per year) $800,000 $4,750,000 105,000 unita 75,000 units 360 per unit 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. $ 27,000,000 SIMS COMPANY Variable Costing Income Statement Sales Loss: Variable costs Variable overhead cotto Direct materials Direct labor Variable overhead costs Not Income (on) Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an Income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement Not income (los)