15 4.76 points eBook Hint Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials Variable overhead Direct labor Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold Sales price 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. $ 35 per unit $ 55 per unit $ 20 per unit $ 8,000,000 per year $ 11 per unit $ 5,000,000 per year 100,000 units 70,000 units $ 360 per unit Print References 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 selling and administrative expenses Variable cost of goods sold Contribution margin Less: Fixed expenses Fixed selling and administrative expenses Fixed overhead Income 0 0 19: Assignment 1 15 4.76 points eBook Hint Print References Saved Exercise 19-7 (Algo) Income reporting under absorption costing and variable costing LO P2 Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials $ 35 per unit $ 55 per unit Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold Sales price 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. $ 20 per unit $ 8,000,000 per year $ 11 per unit $ 5,000,000 per year 100,000 units 70,000 units $ 360 per unit Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year using absorption costing. Sales SIMS COMPANY Income Statement (Absorption Costing) Cost of goods sold Gross profit Selling and administrative expenses 0 Income $ < Required 1 Required 2 >