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 naterials Direct labor Overhead costs for the year 40 per unit 60 per unit 53,e00,eee $7,000,08e Variable overhead Fixed overhead Selling and administrative costs for the year Variable Fixed s 770,e00 $4,250,0ee Production and sales for the year Units produced Units sold Sales price per unit 100,000 units 70,089 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 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 2 Required 3 Prepare an income statement for the year using variable costing SIMS COMPANY Variable Costing Income Statement