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 40 per unit GO per unit $ 20 per una (per 88,800,000 year) Manufacturing conta Direct materials Direct labor Overhead conta Variable Fixed Selling and administrative costs for the year Variable Paxed Production and sales for the year Units produced Unito Bold Sales price per unit S775,000 $4,500,000 110,000 units 80,000 units 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 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 (on) Mequired 3 > Complete this question by entering your answers in the tabs below. Required 1 Hequired 2 Prepare an income statement for the year using absorption costing SIMS COMPANY Absorption Conting Income Statement Not income (loss)