Sims Company, a manufacturer of tablet computers, began operations on January 1, 2015. Its cost and sales information for this year follows. Manufacturing costs 40 per unit Direct materials Direct labor 60 per unit Overhead costs for the year 2,200,000 Variable overhead Fixed overhead $8,800,000 Selling and administrative costs for the year 725,000 Variable Fixed 4,250,000 Production and sales for the year Units produced 110,000 units Units sold 80,000 units Sales price per unit 350 per unit 1. Prepare an income statement for the year using variable costing SIMS COMPANY Variable Costing Income Statement Sales Less: Variable costs Variable selling and administrative expenses Less: Fixed expenses Fixed selling and administrative costs Fixed overhead Net income (loss)