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Hello, how come the answer is still incomplete. Thank you! Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost

Hello, how come the answer is still incomplete. Thank you!

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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 35 per unit Direct labor 55 per unit Overhead costs Variable 20 per unit Fixed $8 , 400,000 (per year ) Selling and administrative costs for the year Variable 725, 000 Fixed $4, 000, 000 Production and sales for the year Units produced 105, 000 units Units sold 75, 000 units Sales price per unit $ 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.* Answer is not complete. 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 Sales $ 26,250,000 Less: Cost of goods sold Direct materials $ 2,625,000 Direct labor 4,125,000 Variable overhead costs 1,500,000 Fixed overhead costs 6,000,000 Cost of goods sold 14,250,000 Gross margin 12,000,000 Selling general and administrative expenses Fixed selling and administrative costs 4,000,000 Variable selling and administrative expenses 725,000 Total selling, general and administrative expenses 4,725,000 Net income (loss $ 7,275,000

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