ezto.mheducation.com C + 88 M Question Mode: Multiple Select Question x Question 8 - Ch.6 Quiz - Connect Course Hero Ch.6 Quiz i Saved Help Save & Exit Submit Sims Company began operations on January 1. Its cost and sales information for this year follow. 8 Direct materials $ 30 per unit Direct labor $ 50 per unit Variable overhead $ 30 per unit Fixed overhead $ 7,350, 000 per year Variable selling and administrative expenses $ 11 per unit 6 Fixed selling and administrative expenses $ 4, 750, 000 per year Units produced 105, 000 units points Units sold 75, 000 units Sales price $ 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. SIMS COMPANY Income Statement (Variable Costing) Sales Less: Variable expenses Variable cost of goods sold Variable selling and administrative expenses 0 Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative expenses 0 Mc Graw Hillezto.mheducation.com C + 88 M Question Mode: Multiple Select Question x Question 8 - Ch.6 Quiz - Connect Course Hero Ch.6 Quiz i Saved Help Save & Exit Submit Sims Company began operations on January 1. Its cost and sales information for this year follow. 8 Direct materials $ 30 per unit Direct labor $ 50 per unit Variable overhead $ 30 per unit Fixed overhead $ 7,350, 000 per year Variable selling and administrative expenses $ 11 per unit 6 Fixed selling and administrative expenses $ 4, 750, 000 per year Units produced 105, 000 units points Units sold 75, 000 units Sales price $ 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 absorption costing. SIMS COMPANY Income Statement (Absorption Costing) Sales Cost of goods sold Gross prof Selling and administrative expenses Income $ Required 1 Required 2 > 8 Mc Graw Hill