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 $ 35 per unit 55 per unit Manufacturing costs Direct materials Direct labor Overhead costs Variable Fixed Selling and administrative costs for the year Variable Fred Production and sales for the year Units produced Units sold Sales price per unit $ 20 per unit $8,000,000 per year) $ 780,000 $4,750,000 110,000 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 SIMS COMPANY Variable Costing Income Statement Sales Less: Variable costs Direct materials Direct labor Variable overhead costs Variable selling and administrative expenses Net income (loss) Route Required 2 > SIMS COMPANY Absorption Costing Income Statement Net income (loss)