Sims Company, a manufacturer of tablet computers, began operations on January 1 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials $ co per Gunit Direct labor Overhead costs Variable 4 per unit $6,300.000 per year) Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold $ 750,000 $4,250,000 105,000 units 75,000 units Sales price per unit 35 Der 350 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 Required Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement Sales 27.000.000 Less: Cost of goods sold Direct materials Direct abor Variable overhead costs Fixed Ovemead costs 3.000.000 14,500,000 2.250.000 15.250.000 Cost of goods sold Gross margin Selling general and administrative 15.000.00 112.000.000 Fixed selling and administrative costs Variable selling and administrative 1.000.000 725,000 Total selling general and administrative expenses 5.725.000 Net income (loss) 6.275.000