Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year follows 40 per unit 60 per unit $4,200.000 56,300,000 Manufacturing costs Direet material 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 Soles price per unit $ 775.000 $4,500,000 105,000 unita 25,000 unit 350 per unit 1. Prepare an income statement for the year using variable costing 2. Prepare an income statement for the year osing absorption costing, 3. Under what circumstance(s) is reported income identical under both absorption costing and variable costing Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Under what drcumstance(s) is reported income identical under both absorption costing and variable costing? Reported income identical under both