Please answer ASAP

Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials $ 40 per unit Direct labor $ 60 per unit Variable overhead $ 30 per unit Fixed overhead $ 7,000,000 per year Variable selling and administrative expenses $ 11 per unit Fixed selling and administrative expenses $ 4,250,000 per year Units produced 100,000 units Units sold 70,000 units Sales price $ 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 Income Statement (Variable Costing) $ 24,500,000 Sales Less: Variable expenses Direct materials 0 Variable selling and administrative expenses Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative expenses 7,000,000 50,000 7,050,000 Income (loss) 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 Income Statement (Absorption Costing) $ Sales 24,500,000 Cost of goods sold 14,000,000 Gross profit 10,500,000 Selling and administrative expenses 1,200,000 Income $ 9,300,000