Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales Information for this year follows. $ $ 35 per unit 55 per unit $ 40 per unit $6,000,000 per year) 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 $ 750, eee $4,980, eee 100.000 units 70, eee 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. SIMS COMPANY Variable Costing Income Statement $ 25,200,000 Sales Less: Variable costs Direct materials Direct labor Variable overhead costs $ 2.450,000 3,850,000 2.800.000 750,000 Variable selling and administrative expenses Total variable costs Contribution margin Less: Fixed expenses 9.850,000 15.350.000 Fixed selling and administrative costs Net income (loss) Required Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement Net income (loss)