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, 2017 is cost and sales information for this year follows 30 per unit 50 per unit $ $2,100,000 58,400,000 Manufacturing costs Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Selling and administrative costs for the year Variable Fixed Production and sales for the year units produced Units sold Sales price per unit 5750.000 $4,500,000 105. unita 75,000 nits 360 per unit $ 1. Prepare an income statement for the year using variable costing 2. Prepare an income statement for the year using absorption costing 3. Under what circumstance(s) is reported income identical under both absorption costing and variable costing Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 25 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement Oints 8 03:22:16 eBook Hint References Net income (loss) Did ma Required 1 Required 2 Required 3 Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement Net income (loss) SOVO 2 Summer 2021 Chapter 19 to 24 0 5 1. Prepare an income statement for the year using variable costing 2. Prepare an income statement for the year using absorption costing 3. Under what circumstance() is reported income identical under both absorption costing and variable costing? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 522259 Under what circumstance() is reported income identical under both absorption costing and variable costing? Sool Reported income identical under both