06 Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials Direct labor Variable overbead Fixed overhead. Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Unite sold Sales price $40 per unit $60 per unit $ 40 per unit $6,300,000 per year 5 11 per unit $ 4,250,000 per year 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. Sales Less: Variable expenses SIMS COMPANY Income Statement (Variable Costing)) Variable cost of goods sold Variable selling and administrative expenses Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative expenses 105,000 units 75,000 unita $ 350 per unit Submit 45 2. Prepare an income statement for the year using absorption costing. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Prepare an income statement for the year using variable costing. Sales Less: Variable expenses + SIMS COMPANY Income Statement (Variable Costing) Variable cost of goods sold Variable selling and administrative expenses Contribution margin Less: Foxed expenses: Fixed overhead Fixed selling and administrative expenses Income Required Required 2 > Complete this question by entering your answers in the tabs below. 31 Required 1 Required 2 Prepare an income statement for the year using absorption costing. SIMS COMPANY Income Statement (Absorption Costing) 0 $ 0 < Required 1 Required 2