Complete this question by entering your answers in the tabs below. Required 1Required 2 Required 3 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement Sales ess: Variable costs Direct materials Direct labor Variable overhead Variable selling and administrative expenses Total variable costs Contribution margin Less: Fixed expenses Fixed selling and administrative costs ixed overhead Net income (loss) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement Sales Less: Cost of goods sold Direct labor Direct materials Fixed overhead costs Variable overhead costs Variable selling and administrative expenses Net income (loss)