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Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 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 Manufacturing costa Direct materials Direct labor Overhead coats 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 $ 20 per unit $8,400,000 per year) $ 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. $ 27,000,000 SIMS COMPANY Variable Costing Income Statement Sales Less: Variable costs Variable overhead costs $ 8,250,000 Variable selling and administrative expenses 800,000 Total variable costs 9,050,000 17,950,000 Contribution margin Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs 8,400,000 4,750,000 Total fixed expenses Net income (loss) 13,150,000 $ 4,800,000 Required 2 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 Sales Less: Cost of goods sold $ 27,000,000 Net income (loss)