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Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials Direct labor $ 40 per unit $ 60 per unit $ 20 per unit Variable overhead Fixed overhead $ 8,800,000 per year $ 11 per unit Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold $ 4,500,000 per year 110,000 units 80,000 units $360 per unit Sales price 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 Income Statement (Absorption Costing) Sales $28,800,000 Cost of goods sold Gross profit 28,800,000 Selling and administrative expenses Income $28,800,000 333 Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Income Statement (Variable Costing) Sales Less: Variable expenses Variable cost of goods sold Variable selling and administrative expenses Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative expenses Income 33333 9,600,000 880,000 8,800,000 4,500,000 28,800,000 10,480,000 18,320,000 13,300,000 $ 5,020,000