On January 1, 2021, Hodge, Shelton, Reid and Sims Co. began operations. The company manufacturers personal protective equipment for colleges and universities to address health concerns during the COVID-19 pandemic. Cost and sales information for the company this year is provided in the table below. Manufacturing costs Direct materials Direct labor Overhead costs 40 per unit 60 per unit 24 Variable 40 per unit $6,600,000 (per year) Fixed Selling and administrative costs for the year Variable $ 725,000 $4,000,000 Fixed Production and sales for the year Units produced Units sold Salen price per unit 110,000 units 80,000 units 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. Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement 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) < Required 1 Required 2> 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) < Required 1 Required 2 On January 1, 2021, Hodge, Shelton, Reid and Sims Co. began operations. The company manufacturers personal protective equipment for colleges and universities to address health concerns during the COVID-19 pandemic. Cost and sales information for the company this year is provided in the table below. Manufacturing costs Direct materials Direct labor Overhead costs 40 per unit 60 per unit 24 Variable 40 per unit $6,600,000 (per year) Fixed Selling and administrative costs for the year Variable $ 725,000 $4,000,000 Fixed Production and sales for the year Units produced Units sold Salen price per unit 110,000 units 80,000 units 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. Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement 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) < Required 1 Required 2> 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) < Required 1 Required 2