Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. 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 $2,200,000 $8,800,000 Fixed overhead Selling and administrative costs for the year Variable Fixed $ 800,000 $4,250,000 Production and sales for the year Units produced Units sold Sales price per unit 110,000 units 80,000 units 360 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? 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 1Required 2 Required3 Prepare an income statement for the year using variable costing SIMS COMPANY Variable 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 costing? Complete this question by entering your answers in the tabs below. Required 1Required 2 Required 3 Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement Net income (loss) 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 2Required 3 Under what circumstance(s) is reported income identical under both absorption costing and variable costing? Reported income identical under both