1. Pregare an income statement for the year using varipble costing 2. Prepare an income suatement for the year using absorphion costing Conplete this question by entering your answers in the tabs below. Prepare an income sumement for the yesr uning variable conting Exercise 19-7 (Algo) Income reporting under absorption costing and variable costing LO P2 Sims Company began operations on January 1 ins cost and sales information for this year follow. 1. Prepare an income statement for the yeat using variable costing 2 Prepare an income statement for the year using absorption costing Complete this question uy entering voeir answers in the tabs below. Prepise an income satement for the your using abwoptich costing