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please provide excel formulas Sims Company began operations on January 1. Its cost and sales information for this year follow. begin{tabular}{|l|r|} hline Direct materials &
please provide excel formulas
Sims Company began operations on January 1. Its cost and sales information for this year follow. \begin{tabular}{|l|r|} \hline Direct materials & $40 per unit \\ \hline Direct labor & $60 per unit \\ \hline Variable overhead & $30 per unit \\ \hline Fixed overhead & $7,000,000 per year \\ \hline Variable selling and administrative expenses & $11 per unit \\ \hline Fixed selling and administrative expenses & $4,250,000 per year \\ \hline Units produced & 100,000 units \\ \hline Units sold & 70,000 units \\ \hline Sales price & $350 per unit \\ \hline Required: & \\ \hline \end{tabular} 1. Prepare an income statement for the year using variable costing. Use cells A4 to C12 from the given information to complete this question. Negative amounts or amounts to be deducted hould be input and displayed as negative values. All other answers should be input and displayed as positive values.) Use cells A4 to C12 from the given information to complete this question. Negative amounts or amounts to be deducted hould be input and displayed as negative values. All other answers should be input and displayed as positive values.)Step by Step Solution
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