1.) Need help finding the Contribution Margin and Net Income

2. Prepare an income statement for the year using absorption costing.

Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. 30 points $ 35 per unit 55 per unit 20 per unit $8,000,000 (per year) Manufacturing costs Direct materials Direct labor Overhead costs Variable Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit $ 750,000 $5,000,000 100,000 units 70,000 units 350 per unit $ Required 1 Required 2 Prepare an income statement for the year using variable costing. 30 points SIMS COMPANY Variable Costing Income Statement Sales Less: Variable costs 24,500,000 Direct materials Direct labor Variable overhead costs Variable selling and administrative expenses 2,450,000 3,850,000 1,400,000 750,000 8,450,000 Total variable costs Contribution margin Less: Fixed expenses Fixed selling and administrative costs Fixed overhead costs 5,000,000 8,000,000 Total fixed expenses 13,000,000 Graw HINI Required 1 Required 2 Prepare an income statement for the year using absorption costing. 30 points SIMS COMPANY Absorption Costing Income Statement eBook Hint Print References Net income (loss)