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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 40 per unit Direct labor 60 per Overhead costs Variable 20 per unit Fixed $8, 400,000 (Per "year) Selling and administrative costs for the year variable $ 750,000 Fixed $5,000,000 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. 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 Net income (loss)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 40 per unit Direct labor 60 per unit overhead costs Variable 20 per unit Fixed $8, 400,000 (per year) Selling and administrative costs for the year variable $ 750,000 Fixed $5,000,000 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. 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 (loss)