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Sims Company, a manufacturer oftablet 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 $4,500,000 Production and sales for the year Units produced 105,000 units Units sold 75,000 units Sales price per unit $ 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. Required 1 Required 2 Prepare an income statement for the year using variable costing. __ _- _- __ _ _- _- _- Net income (loss) Required 2 > \fKenzi Kayaking, a manufacturer of kayaks, began operations this year. During this first year, the company produced 1,000 kayaks and sold 750 at a price of $1,000 each. At this rst yearend, the company reported the following income statement information using absorption costing. Sales (750 x $1,000) $ 750,000 Cost of goods sold (750 x $450) 337,500 Gross margin 412,500 Selling and administrative expenses 210,000 Net income $ 202,500 Additional Information a. Product cost per kayak totals $450, which consists of $350 in variable production cost and $100 in fixed production costthe latter amount is based on $100,000 of fixed production costs allocated to the 1,000 kayaks produced. b. The $210,000 in selling and administrative expense consists of $85,000 that is variable and $125,000 that is fixed. Required: 1. Prepare an income statement for the current year under variable costing. 2. Fill in the blanks: J H | Prepare an income statement for the current year under variable costing. Net income (loss) ldditional Information a. Product cost per kayak totals $450, which consists of $350 in variable production cost and $100 in fixed production costthe latter amount is based on $100,000 of fixed production costs allocated to the 1,000 kayaks produced. 3. The $210,000 in selling and administrative expense consists of $85,000 that is variable and $125,000 that is fixed. required: . Prepare an income statement for the current year under variable costing. !. Fill in the blanks: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Fill in the blanks: The dollar difference in variable costing income and absorption costing income = _-=_ xed overhead per unit