Chapter 19 Exercise 1 Saved Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales Information for this year follows. 0.83 points 4e per unit 60 per unit eBook 30 per unit $7,700,000 (per year) 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 $ 750,000 $4,500,000 Hint 110,000 units 80,000 units 360 per unit Print References 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 28,800,000 Less: Variable costs Direct materials Direct labor Variable overhead costs Variable selling and administrative expenses $ 3,200,000 4,800.000 2,400,000 750.000 Total variable costs Contribution margin 11,150,000 17,650.000 Less: Fixed expenses Fixed selling and administrative costs 4,500,000 7.700.000 Fixed overhead costs Total fixed expenses Net income (loss) $ 12.200.000 5.450.000 Required 1 Required 2 > Chapter 19 Exercise 1 Saved Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales Information for this year follows. 0.83 points 4e per unit 60 per unit eBook 30 per unit $7,700,000 (per year) 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 $ 750,000 $4,500,000 Hint 110,000 units 80,000 units 360 per unit Print References 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 absorption costing. SIMS COMPANY Absorption Costing Income Statement Sales $ 28,800,000 Less: Cost of goods sold Direct materials Direct labor Variable overhead costs Fixed overhead costs r $ 3.200.000 4.800.000 2.400.000 10,400,000 Cost of goods sold Gross margin Selling general and administrative expenses Fixed selling and administrative costs Variable selling and administrative expenses Net income (loss)