Ch.19 Exercise Questions i Saved Help Save & Exit Submi Check my work 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 costs Variable 35 per unit 55 per unit eBook $ 20 per unit $8,800,000 (per year) Hint Fixed Print $ 775,000 $ 4,250,000 References Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit 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. 3 Required 1 Required 2 Prepare an income statement for the year using variable costing. 0.33 points SIMS COMPANY Variable Costing Income Statement eBook Sales $ 28,800,000 Less: Variable costs Hint Direct materials Print $ 2,800,000 4,400,000 References Direct labor Variable overhead costs Variable selling and administrative expenses Total variable costs 7,200,000 Contribution margin Less: Fixed expenses Fixed selling and administrative costs Fixed overhead costs Net income (loss) 3 Required 1 Required 2 Prepare an income statement for the year using absorption costing. 0.33 points SIMS COMPANY Absorption Costing Income Statement eBook Hint Print References Net income (loss)