answer both sections

Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows 11.11 points 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 35 per unit 55 per unit $ 20 per unit 50,000,000 (per year) $ 300,000 $4,250,000 Deferences 110,000 units 80,000 units 360 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 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement Sales Less: Variable costs Direct materials Direct labor Variable overhead costs Fixed overhead costs Total variable costs Contribution margin Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs Net income Oss Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Rgquired 2 Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement Net income (OS) Required 1