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, 2017. Its cost and sales information for this year follows 35 per unit 55 per unit $2,100,000 55,400,000 Manufacturing costs Direct materials Direct Tabor Overheat costs for the year Variable overhead Fixed overhead Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sale price per unit 5750,000 $4,000,000 105,000 units 75.000 units 15 per unit 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) Esteported Income identical under both absorption costing and variable costing? Complete this question by entering your answers in the tabs below. Requred Required 2 Hequired Prepare an Income statement for the year using variable costing SIMS COMPANY Variable Costino Income Statement