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please help with the numbers on the right for sections 1 & 2 Sims Company began operations on January 1. Its cost and sales information
please help with the numbers on the right for sections 1 & 2
Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold sales price $ 4e per unit $ 60 per unit $ 2e per unit $ 8,800, 800 per year $ 11 per unit $4,750,000 per year 118,eee units 80, eee units $ 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) Sales Less: Variable expenses Variable cost of goods sold Fixed selling and administrative expenses 0 Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative expenses Income sessment i Saved Sims Company began operations on January 1. Its cost and sales Information for this year follow. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold Sales price $ 40 per unit $ 60 per unit $ 20 per unit $ 8,800,000 per year $ 11 per unit $ 4,750,000 per year 110,000 units 80,000 units $ 359 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 absorption costing. SIMS COMPANY Income Statement (Absorption Costing) Sales Cost of goods sold Gross profit Selling and administrative expenses S 0 Step by Step Solution
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