Exercise 6-3 Income reporting under absorption costing and variable costing Lo P2 Sims Company, a manufacturer of tablet computers, began operations on January 1.2017 lts cost and sales information for this year 2 oints follows. Manufacturing costs eBook Hint Ask Print References Direct materialS Direct labor Overhead costs for the year 30 per unit 50 per unit Variable overhead $3, 150, 000 $7,350, 000 Fixed overhead Seliing and administrative costs for the year Variable Fixed s750, 000 $4,250, 000 Production and sales for the year Units produced Units sold Sales price per unit 105, 000 units 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 3. Under what circumstancets ) is reported income identical under both absorption costing and variable costing? Complete this question by entering your answers in the tabs below. 1 of 1 Mc Graw pe here to search Required 1 Required 2 Required 3 Prepare an income statement for the year sing variable costing SIMS COMPANY Variable Costing Income Statement nts Net income (loss) Prey 1 of 1Ne Type here to search 4 5 6 2 3 Required 3 Prepare an income statement for the year sing absorption costing SIM,OMPANY Absorption Costing Income Statement Required 1Required 2 Hint Ask Print eferences Net income floss) Prev 1 of 1 Graw Hiti ype here to search 8 5 6 2 3 4