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Answer is complete but not entirely correct. 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 Sales Less: Cost of goods sold $24,500,000 IS $ Direct materials Direct labor Variable overhead costs Fixed overhead costs DO 2,100 000 3,500,000 1,400,000 5,000,000 12,000,000 12,500,000 Cost of goods sold Gross margin Selling general and administrative expenses Fixed selling and administrative costs Variable selling and administrative expenses OOOO 5,000,000 725,000 Total seting, general and administrative expenses Net income loss) 5,725,000 $ 6,775,000 3 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows 30 per unit 50 per unit Manufacturing 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 $ 2e per unit 38,000,000 (per year) $725,000 $5,000,000 100,000 units 70,000 units $ 350 per unit 1. Prepare an income statement for the year using variable costing 2. Prepare an income statement for the year using absorption costing