10.00 points Sims Company, a manufacturer of tablet computers, began operations on January 1, 2015. Its cost and sales information for this year follows Manufacturing costs Direct materials Direct labor Overhead costs for the year 40 per unit 60 per unit Variable overhead $ 3,000,000 $7,000,000 Fixed overhead Selling and administrative costs for the year Variable Fixed $ 770,000 $4.250,000 Production and sales for the year Units produced Units sold 100,000 units 70,000 units 350 per unit Sales price per unit S 1. Prepare an income statement for the year using variable costing Variable Costing Income Statement Sales Less: Variable costs Direct materials Direct labor Variable overhead costs Variable selling and administrative expenses Total variable costs Contribution margin 770,000 770,000 14,630,000 xed overhead costs xed selling and administrative costs 4,250,000 11,250,000 Total fixed expenses Net income (loss) 2. Prepare an income statement for the year using absorption costing SIMS COMPANY