On January 1, 2021, Hodge, Sheiton, Reid and Sims Co. began operations. The company manufacturers personal...

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On January 1, 2021, Hodge, Sheiton, Reid and Sims Co. began operations. The company manufacturers personal protective equipment for colleges and universities to address health concerns during the COVID-19 pandemic. Cost and sales information for the company this year is provided in the table below. Manufacturing conta Direct materials Direct labor 35 per unit 55 per unit Overhead costs Variable 30 per unit $7,350,000 (per year) paxTA Selling and administrative costa for the year $ B00,000 $4,500, 000 Variable rixed Production and sales for thn year Units produced Unita sold Sales price per unit 105,000 unita 75, 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. 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 Variable Costing Income Statement On January 1, 2021, Hodge, Sheiton, Reid and Sims Co. began operations. The company manufacturers personal protective equipment for colleges and universities to address health concerns during the COVID-19 pandemic. Cost and sales information for the company this year is provided in the table below. Manufacturing conta Direct materials Direct labor 35 per unit 55 per unit Overhead costs Variable 30 per unit $7,350,000 (per year) paxTA Selling and administrative costa for the year $ B00,000 $4,500, 000 Variable rixed Production and sales for thn year Units produced Unita sold Sales price per unit 105,000 unita 75, 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. 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 Variable Costing Income Statement

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