Sims Company began operations on January 1 . Its cost and sales information for this year follow. 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. Prepare an income statement for the year using variable costing. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year using variable costing. Jax Incorporated reports the following data for its only product. The company had no beginning finished goods inventory and it uses absorption costing. 1. Compute gross profit assuming (a) 74,000 units are produced and 74,000 units are sold and (b) 108,000 units are produced and 74,000 units are sold. 2. By how much would the company's gross profit increase or decrease from producing 34,000 more units than it sells? Complete this question by entering your answers in the tabs below. By how much would the company's gross profit increase or decrease from producing 34,000 more units than it sells