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. Sales Less: Variable costs Direct materials Direct labor SIMS COMPANY Variable Costing Income Statement Variable overhead costs Variable selling and administrative expenses Total variable costs Contribution margin Less: Fixed expenses Fixed selling and administrative costs Fixed overhead costs Net income (loss) 26,250,000 Required 2 > 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 Net income (loss) Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials Direct labor Overhead costs Variable Fixed Selling and administrative costs for the year Variable Pixed Production and sales for the year Units produced Units sold Sales price per unit $ 35 per unit $ 55 per unit $ 20 per unit $8,400,000 (per year) $725,000 $4,750,000 105,000 units 75,000 unita 350 per unit 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing