3 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows 0.33 points Manufacturing costs Direct materials Direct labor Overhead coats Variable Fixed Selling and administrative costa for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit 30 per unit $ 50 per unit $ 20 per unit (per 58,400,000 year) $ 800,000 $4,750,000 105,000 units 75.000 unito 350 per unit 6 1. Prepare an income statement for the year using variable costing 2. Prepare an income statement for the year using absorption costing 3 Required 1 Required 2 0.33 points Prepare an income statement for the year using variable costing, SIMS COMPANY Variable Costing Income Statement Sales 25,200,000 Less: Variable costs 0 Direct labor Direct materials Variable overhead costs Variable selling and administrative expenses 2100,000 3,500,000 2.100,000 640,000 $ 8,340,000 16.076,000 Total variable costs Contribution margin Less: Fixed expenses Fixed selling and administrative costs Fixed overhead costs OO 7,000,000 $ 4,500,000 Total fixed expenses Net Income (los) 11.500.000 $ 4,575,000 Required 2 > 3 Required 1 Requited 2 0.33 points Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement Not income (s) Required 1