Required 1 Required 2 Required 3 Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement Net income (loss) Required 1 Required 3 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Under what circumstance(s) is reported income identical under both absorption costing and variable costing? Reported income identical under both Required 2 Required 3> Manufacturing costs Direct materials 35 per unit Direct labor 55 per unit Overhead costs for the year Variable overhead $2,10e,eee $8,400,eee Fixed overhead Selling and administrative costs for the year Variable 7ee,eee $4,5ee,eee Fixed Production and sales for the year Units produced 105,00e units Units sold 75,0ee units Sales price per unit 360 per unit 1. Prepare an Income statement for the year using varlable costing. 2. Prepare an Income statement for the year using absorption costing 3. Under what circumstance(s) Is reported income identical under both absorptlon costing and varlable costing? Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Prepare an income statement for the year using variable costingq. SIMS COMPANY Variable Costing Income Statement Net income (loss)