Sims Company, a manufacturer of tablet computers, began operations on January 1 2019. Its cost and sales Information for this year follows. Manafacturing costs Direct materials 4 unit unit Direct labor Overhead costs Variable co per unit $5,300,000 per year) Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Unita produced Units sold $ 750,000 $4,250,000 105,000 units 75,000 units Sales price per unit $ 3. Der 350 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 variable costing. SIMS COMPANY Variable Costing Income Statement Sales 27.000.000 Less: Variable costs Direct materials Direct abor Variable overhead costs Variable selling and administrative expenses 3.000.000 14,500,000 12.250.000 725.000 10.475.000 1675257000 Contributon margin Less Fixed expenses Foxed selling and administrative costs Foxed overhead costs 5.000.000 173407000 Total foxed expenses 112.350.000 Net income (loss) 2.175.000