Prepare an Income statement for the year using Absorption Costing using the same format as above

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 $ 40 per unit $6,600,000 (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 $ 775,000 $4,500,000 110,000 units 80,000 units 350 per unit $ SIMS COMPANY Absorption Costing Income Statement Sales $ 28,000,000 Less: Cost of goods sold Direct materials Direct labor $ 2,800,000 4,400,000 3,200,000 Variable overhead costs Fixed overhead costs 1 10,400,001 1 Cost of goods sold Gross margin Selling general and administrative expenses Variable selling and administrative expenses Fixed selling and administrative costs OOOOO 1 x 1 X Total selling, general and administrative expenses Net income (loss) 2 1 x