common/excelonline/excel-tool html?_13252717235676280_new Excel McGraw Hi Excel Question - saved Search Option) File Home Insert Draw Formulas Data Review View Help Editing BE A General $ A39 Sales H 1 1 K McGrav Chech Chec 00 Legen Grac needed SCHE worksp D E F 1 2 Sims Company began operations on January 1. Its cost and sales information for this year follow. 3 4 Direct materials $40 per unit 5 Direct labor $60 per unit 6 Variable overhead 530 per unit 7 Fixed overhead $7,000,000 per year B Variable selling and administrative expenses $11 per unit 9 Fixed selling and administrative expenses $4,250,000 per year 10 Units produced 100,000 units 11 Units sold 70,000 units 12 Sales price $350 per unit 13 14 Required: 15 1. Prepare an income statement for the year using variable costing 16 17 (Use cells A4 to C12 from the given information to complete this question. Negative amounts or amounts to be deducted 18 should be input and displayed as negative values. All other answers should be input and displayed as positive values.) 19 20 SIMS COMPANY 21 Income Statement (Variable Costing) 22 Sales $24.500,000 23 Plus: Variable expenses 24 Direct materials $2,800,000 4.200.000 25 Direct labor 26 Gross profit 27 Less: Fixed expenses 70 Five heart B Graded Worksheet + sulation Mode: Automne Workbook Statistics General C DE F wwwwwwwwwwwww G H A39 Jo Sales A B proye varer 19 20 SIMS COMPANY 21 Income Statement (Variable Costing) 22 Sales $24,500,000 23 Plus: Variable expenses 24 Direct materials $2,800,000 25 Direct labor 4,200,000 26 Gross profit 27 Less: Fixed expenses 28 Fixed overhead 7,000,000 29 Fixed selling and administrative expenses 4,250,000 30 Income (loss) 31 32 2. Prepare an income statement for the year using absorption costing 33 34 (Use cells A4 to C12 from the given information to complete this question. Negative amounts or amounts to be deducted 35 should be input and displayed as negative values. All other answers should be input and displayed as positive values.) 36 37 SIMS COMPANY 38 Income Statement (Absorption Costing) 39 Sales 40 41 42 43 44 45 A Graded Worksheet Workbook Statistics Calculation Mode: Automatic +