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points eBook Hirt Print References Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows Manufacturing costs Direct materials Direct labor 40 per unit S 60 per unit Overhead costs Variable $ 30 per unit $7,000,000 (per yeary Fixed Selling and administrative costs for the year Variable $ 770,000 Fixed $4,250,000 Production and sales for the year Units produced 100,000 units Units sold 70,000 units 350 per unit Sales price 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 Sales Less Variable costs Drect materials Direct labor Variable ovemead costs Variable selling and administrative expenses Total variable costs Contribution marge Less Fixed expenses Fixed selling and administrative costs Fixed overhead casts Total fixed expenses Net income (joss) $ 2,800,000 4,200,000 2,100,000 7.000.000 $24.500,000 9,100,000 7,000,000 Required 2 > 1 points Book Hint Print References Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows Manufacturing costs Direct materials Direct labor 40 per unit 60 per unit Overhead costs Variable S 30 per unit $7,000,000 (per year) Fixed Selling and administrative costs for the year Variable $ 770,000 Fixed $4,250,000 Production and sales for the year Units produced 100,000 units Units sold 70,000 units Sales price per unit S 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 absorption costing. SIMS COMPANY Absorption Costing Income Statement Sales Less: Cost of goods sold Direct materials Direct labor Variable overhead costs Fixed overhead costs Fixed selling and administrative costs Vanatle selling and administrative expenses Total selling, general and administrative expenses Net income (losa) $ 2,800,000 4.200.000 2,100,000 4,900,000 5,000,000 700,000 Required 1 350 per unit $ 24,500,000 14,000,000 5,700,000 $4.800,000 Torred