Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017 . Its cost and sales information for this year follows. 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? Prebare an income statement for the vear usina variable costinq. Dranare an income statement for the year using absorption costing. Under what circumstance(s) is reported income identical under both absorption costing and variable