one question two parts

Exercise 19-7 (Algo) Income reporting under absorption costing and varlable costing LO P2 Sims Company began operations on January 1. its cost and sales information for this year follow. 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. Prepare an income statement for the year using variable costing. Exercise 19-7 (Algo) Income reporting under absorptlon costing and varlable costing LO P2 Sims Company began operations on January 1 . ths cost and sales information for this year follow. 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. Prepare an income statement for the year using absorption costing