Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows s 30 per unit se per unit 20 per unit 38,400,000 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 Unit produced Units sold Sale price per unit $750, ee 14,750,000 105.000 units 75,000 units 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 Complete this question by entering your answers in the tabs below. Required Recured 2 Prepare an income statement for the year using variable.costing 1. Prepare an Income statement for the year using variable costing. 2. Prepare an Income statement for the year using absorption costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement $ 20.250.000 Sales Less: Variable costs Direct materials Direct labor $ 2.250.000 3,750,000 1.500.000 750,000 Variable overhead costs Variable selling and administrative expenses 8.250.000 Contribution margin Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs 8.400.000 4.750,000 Total Foced expenses Net Income (1055) 13.150.000 suired 22 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement Sales $ 26,250,000 Less: Cost of goods sold Direct materials $ 2.250.000 Direct labor 3,750,000 Variable overhead costs Fixed overhead costs 1.500.000 6.000.000 13,500,000 Cost of goods sold Gross margin 750.000 Variable selling and administrative expenses Fixed selling and administrative costs 4.750,000 5.500.000 Totai selling general and administrative expenses Net income (loss