3 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. 83 Dints 40 per unit 60 per unit $ $ 20 per unit eBook Manufacturing costs Direct materials Direct labor Overhead costs Variable Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit $8,000,000 (per year) $ 775,000 $4,500,000 Hint 100,000 units 70,000 units 360 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. 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. SIMS COMPANY 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. 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. SIMS COMPANY Variable Costing Income Statement $ 25,200,000 Sales Less: Variable costs Variable overhead costs $ 20 Direct materials Variable selling and administrative expenses Direct labor Total variable costs 20 Contribution margin Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs Net income (loss) 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. SIMS COMPANY Absorption Costing Income Statement Sales Less: Cost of goods sold Direct materials Fixed overhead costs Direct labor Variable overhead costs Cost of goods sold Gross margin Selling general and administrative expenses Fixed selling and administrative costs Net income (loss) Rey Company's single product sells at a price of $220 per unit. Data for its single product for its first year of operations follow. 24 per unit 32 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold $ 10 per unit $ 288,000 per year $ 22 per unit $ 208,000 per year 24,000 units 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing. 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. REY COMPANY 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing. 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. REY COMPANY Absorption Costing Income Statement Sales Less: Cost of goods sold Direct materials Direct labor Fixed overhead costs Variable overhead costs Cost of goods sold Gross margin Selling general and administrative expenses Fixed selling and administrative costs Variable selling and administrative expenses Net income (loss) Required 1 Required 2 > 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing. 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. REY COMPANY Variable Costing Income Statement Sales Less: Variable costs Direct labor Direct materials Variable selling and administrative expenses Variable overhead costs Total variable costs Contribution margin Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs 0 Net income (loss) Required 1 Required 2