Sims Company, a manufacturer of tablet computers, began operations on January 1,2015. Its cost and sales information for this year follows Manufacturing costs Direct materials Direct labor Overhead costs for the year $ 30 per unit 50 per unit Variable overhead $4,400,000 Fixed overhead Selling and administrative costs for the year 750,000 $4,000,000 Variable Fixed Production and sales for the year Units produced Units sold 110,000 units 80,000 units S 350 per unit Sales price per unit 1. Prepare an income statement for the year using variable costing SIMS COMPANY Variable Costing Income Statement ess: Variable costs Direct labor Direct materials 1. Prepare an income statement for the year using variable costing SIMS COMPANY Variautle Costing Income Statement Sales ess: Variable costs Direct labor Direct materials Variable overhead Variable selling and administrative expenses otal variable costs Contribution margin ess: Fixed expenses Fixed selling and administrative costs ixed overhead Net income (loss) 2. Prepare an income statement for the year using absorption costing SIMS COMPANY Absorption Costing Income Statement Sales ess: Cost of goods sold Direct materials Direct labor Variable overhead costs Fixed overhead costs Cost of goods sold Gross margin Selling general and administrative expenses ixed selling and administrative costs riable selling and administrative expenses Net income (loss)