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Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare.an income statement for the.year using variable.costing SIMS COMPANY Variable Costing Income Statement Sales 24,500,000 Less: Variable costs Direct labor Direct materials Variable overhead Variable selling and administrative expenses Total variable costs Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative costs Net income (loss) Required 1Required 2Required 3 Prepare an income statement for the year using absorption costing SIMS COMPANY Absorption Costing Income Statement Sales Less: Cost of goods sold Direct materials Direct labor Variable overhead costs Fixed overhead costs Cost of goods sold Gross margin Selling general and administrative expenses Fixed selling and administrative costs Net income (loss) Required Required 3> Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year follows Manufacturing costs Direct materials Direct labor Overhead costs for the year 35 per unit 55 per unit 2,000,000 8,000,000 Variable overhead Fixed overhead Selling and administrative costs for the year Variable Fixed 775,000 $5,000,000 Production and sales for the year Units produced Units sold Sales price per unit 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 3. Under what circumstance(s) is reported income identical under both absorption costing and variable costing? Complete this question by entering your answers in the tabs below Required 1Required 2Required 3