Saved Hel Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year follows. Manufacturing costs Direct materials Direct labor Overhead costs for the year 40 per unit 60 per unit $2,100,000 $8,400,000 Variable overhead Pixed overhead Selling and administrative costs for the year Variable Pixed $700,000 4,250,000 Production and sales for the year Units produced Units sold Sales price per unit 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. 3. Under what circumstance(s) is reported income identical under both absorption costing and variable costing