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Exercise 19-7 (Algo) Income reporting under absorption costing and variable costing LO P2 Sims Company began operations on January 1. Its cost and sales information for this year follow Direct materials $ 35 per unit Direct labor $ 55 per unit Variable overhead $ 20 per unit Fixed overhead $ 8,800,000 per year Variable selling and administrative expenses $ 11 per unit Fixed selling and administrative expenses $ 4,250,000 per year Units produced 110,000 units Units sold 80,000 units Sales price $ 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 1 Required 2 Prepare an income statement for the year using variable costing. $ 2,800,000 0 Sales Less: Variable expenses Direct labor Direct materials Variable selling and administrative expenses Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative expenses 7 0 Income Required 1 Required 2 Prepare an income statement for the year using absorption costing. 0 $ 0