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please help with both questions, i also need the 2nd required since its part of the question but can only put one picture Sims Company,
please help with both questions, i also need the 2nd required since its part of the question but can only put one picture
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. $ 35 per unit 55 per unit $ 30 per unit $7,350,000 per year) Manufacturing costs Direct materials Direct labor Overhead costs Variable Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit $ 800,000 $4,750,000 105,000 units 75,000 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 $ 27,000,000 Sales Less: Variable costs Direct labor Direct materials Variable overhead costs Variable selling and administrative expenses Total variable costs Contribution margin Plus: Fixed expenses Fixed overhead costs Fixed selling and administrative costs Net income (loss)Step by Step Solution
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