6 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and soles information for this year follows 40 per unit 60 per unit 2001 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 $ 20 per unit $8,400,000 per year) $750,000 $4,250,000 105,000 units 75.000 units 350 per unit $ 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: Required 2 Prepare an income statement for the year using variable costing Required 1 Required 2 Prepare an income statement for the year using variable costing. $ 26,250,000 SIMS COMPANY Variable Costing Income Statement Sales Less: Variable costs Direct materials $ 3,000,000 Direct labor 4,500,000 Variable overhead costs 1,500,000 Variable selling and administrative expenses 750,000 9,750,000 Total variable costs Contribution margin Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs Net income (loss) Required Required 2 > Prepare an income statement for the year using absorption costing. 6 SIMS COMPANY Absorption Costing Income Statement 1:27:23 Net income (loss)