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 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 units 70,000 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, 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 3 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement Sales Less: Fixed expenses Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 7 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement Sales Less: Fixed expenses Direct materials Direct labor Variable overhead costs Variable selling and administrative expenses 0 Total variable costs Contribution margin Less: Fixed expenses Fixed selling and administrative costs Fixed selling and administrative costs 0 Net Income (loss) Rent Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement Net income (loss) 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 cost Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Under what circumstance(s) is reported income identical under both absorption costing and variable costing? Reported income identical under both