Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 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 $ $ 35 per unit 55 per unit Fixed $ 40 per unit $6,600,000 (per year) the year $ 750,000 $5,000,000 Selling and administrative costs for Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit 110,000 units 80,000 units 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. 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 Net income (loss) 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)