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 $ 35 per unit 55 per unit $ 20 per unit $8,800,000 (per year) Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit $ 725,000 $4,500,000 110,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year using variable costing. 28,800,000 SIMS COMPANY Variable Costing Income Statement Sales Less: Variable costs $ Direct materials 2,800,000 Direct labor 4,400,000 Variable overhead costs 1,600,000 Variable selling and administrative expenses 725,000 9,525,000 9,525,000 Total variable costs Contribution margin Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs 8,800,000 4,500,000 Total fixed expenses Net income (loss) 13,300,000 $ 5,175,000 nplete this question by tering your tabs below. Required 1 Required 2 Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement Net income (loss)