2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year follows ints 40 per unit 60 per unit Skipped $2,100,000 $8,400,000 Manufacturing costs Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit eBook $ 700.000 $4,750,00 105,000 units 75,000 units 350 per unit Hint $ Print 1. Prepare an income statement for the year using variable costing 2. Prepare an income statement for the year using absorption costing. 3. Under what circumstance(s) is reported income identical under both absorption costing and variable costing References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement Net Income (loss) (Required Required 2 > ME Prou 2 of 5 HE Next > 2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017 its cost and sales information for this year follows 4 points Skipped $ $ 40 per unit 68 per unit $2,100,000 $8,400,000 Manufacturing costs Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit eBook $ 700,000 $4,750,000 Hint 105,000 units 75,000 units 350 per unit $ Print 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. 3. Under what circumstance(s) is reported income identical under both absorption costing and variable costing 0 References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement Net income (loss)