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 40 per unit Direct labor 60 per unit Overhead costs 30 per unit $7,000,000 (per year) $ Variable Fixed Selling and administrative costs for the year $700,000 $5,000,000 Variable Fixed Production and sales for the year Units produced Units sold 100,000 units 70,000 units Sales price per unit 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 2 Required 1 Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement Sales Less: Cost of goods sold Net income (loss) 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 2,450,000,000 Less: Variable costs $ 9,100,000 Variable selling and administrative expenses Variable overhead costs 770,000 9,870,000 Contribution margin 14,630,000 Fixed overhead costs Fixed selling and administrative costs Variable selling and administrative expenses Net income (loss)