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 Direct labor Overhead costs Variable Fixed Selling and administrative costs for the year Variable Find Production and sales for the year Units produced Units sold Sales price per unit 40 per unit 60 per unit 5 20 per unit 38,000,000 (per year) $ 725,000 14,250.000 110,000 units 10,000 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 Complete this question by entering your answers in the tabs below. Required Required 2 Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement Sales $ 28,000,000 Direct materials Direct labor Variable overhead costs $ 3,200,000 4,800,000 8,000,000 Net income (loss)