1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. 1. Prepare an income statement for the year using variable costing. SIMS COMPANY Income Statement (Variable Costing) 2. Prepare an income statement for the year using absorption costing. \begin{tabular}{c} SIMS COMPANY \\ Income Statement (Absorption Costing) \\ \hline \end{tabular}