Please answer in proper format with all working clearly

Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials $ 40 per unit Direct labor $ 60 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 $ 4,500, 000 per year Units produced 110, 000 units Units sold 80, 600 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 * Answer is not complete. 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 $28,800,000 Cost of goods sold Gross profit 28,800,000 Selling and administrative expenses Income $28,800,000Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Income Statement (Variable Costing) $ Sales 28 800.000 Less. Variable expenses Variable cost of goods sold 9,600 000 Variable selling and administrative expenses 880,000 10.480,000 Contribution margin 18,320.000 Less Fixed expenses Fixed overhead 8,800,000 Fixed selling and administrative expenses 4 500,000 13,300,000 Income $ 5,020,000