Seved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It de 3 Sims company, a manutacturer or tablet computers, began operations on January 1, 2011. It cost ana s follows. 10 points 40 per unit 60 per unit 02:17:54 Manufacturing costs Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit $3,000,000 $7,000,000 $ 770,000 $4,250,000 100,000 unita 70,000 unita 350 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 costi Answer is not complete. Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Me Graw Hill MacBook 80 F3 868 Fa FS 76 38 DW DO 19 @ * 2 3 $ 4 % 5 6 & 7 8 9 W E R Y U S C Check my work mode : This shows what is correct or incorrect for the work you have completed so far 3 Required Required Requires Prepare an income statement for the year using variable costing. 10 points SIMS COMPANY Variable Costing Income Statement Sales 02:1743 24,500,000 Less: Variable costs Variable overhead costs Direct materials Direct labor Variable selling and administrative expenses 000 4.200.000 770,000 Total variable costs 4,970,000 Net Income (los) Rond 25 ME Graw MacBook go 62 ago 006 F6 38 og F2 DI 18 $ % A 2 # 3 4 5 6 & 7 8 W E R T Y Check my work mode : This shows what is correct or incorrect for the work you have complete 3 Prepare an income statement for the year using absorption costing. 10 points s 24,500,000 021122 02:17:32 SIMS COMPANY Absorption Costing Income Statement Sales Less: Cost of goods sold Direct materials $ 2,800,000 Direct labor 4,200,000 Variable overhead costs 2,100,000 Fixed overhead costs 4,900.000 ololo 14,000,000 10,500,000 Cost of goods sold Gross margin Selling general and administrative expenses Variable selling and administrative expenses Fixed selling and administrative costs 700,000 & 5,000,000 Total selling, general and administrative expenses Net Income (loss) 5,700,000 $ 4,800,000 Mc Graw Hill MacBook * 26 80 F3 000 000 F4 . F6 77 DU FR W * $ 4 & 2 * % 5 O > 7 8 W E R Y U
