Midterm 2.4

Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing coats Direct materials 5 35 per unit Direct labor $ 55 per unit Overhead costs Variable $ 3|) per unit Fixed $7,000,000 (Per year) Selling and administrative costs for the year Variable $ 750.00!) Fixed $4,750,000 Production and sales for the year Units produced 100 ,. 000 units Units sold m .000 units Sales price per unit S 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. Complete this question Iw entering your answer: in the tabs below. Required 1 Required 2 Prepare an income statement for the year using variable ousting. Net income {loss} Required 2 )