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 Income Statement (Absorption Costing) Sales $ 25,200,000 Cost of goods sold Gross profit 25,200,000 Selling and administrative expenses Income $ 25,200,000 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 Income Statement (Variable Costing) Sales $ 25,200,000 Less: Variable expenses Variable selling and administrative expenses $ 770,000 Variable cost of goods sold 770,000 Contribution margin Less: Fixed expenses Fixed overhead 4,900,000 Fixed selling and administrative expenses 4,750,000 9,650,000 Income Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold Sales price 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. $ 35 per unit $ 55 per unit $30 per unit $ 7,000,000 per year $11 per unit $ 4,750,000 per year 100,000 units 70,000 units $ 360 per unit 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 Income Statement (Variable Costing) Sales $ 25,200,000 Less: Variable expenses Variable selling and administrative expenses $ 770,000