Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows 3e per unit So per unit Manufacturing costs Direct materials Direct labor Overhead costs Variable Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit 5 20 per unit $3,000,000 (per year) $750,000 $4,250,000 100,000 units 70,000 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 1 Required 2 Prepare an income statement for the year using variable costing SIMS COMPANY Variable Costing Income Statement Sales ress Variable costs Direct materials Direct labor Variable overhead costs Variable selling and administrative expenses Total variable costs Contribution margin Less Fred expenses Fbead overhead costs Fixed selling and administrative cons Net income foss) Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement Sales Less Cost of goods sold Direct materials Direct labor Variable overhead costs Fixed overhead coats a Cost of goods sold Gross margin Selling general and administrative expenses Variable selling and administrative expenses Fred Boling and administrative costs Net Income (os)