Sims Company began operations on January $1.$ Its cost and sales information for this year follow.

Direct materials

Direct labor

Variable overhead

$ $35$ per unit

$$55$ per unit

$$30$ per unit

Fixed overhead

Variable selling and administrative expenses

$$7,700,000$ per year

Fixed selling and administrative expenses

$$11$ per unit

Units produced

$$5,000,000$ per year

Units sold

$110,000$ units

Sales price

$80,000$ units

$$360$ per unit

Prepare an income statement for the year using variable costing.

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.

$\backslash$table$[[$SIMS COMPAny,$],[$Income Statement $($Variable Costing$),],[,,],[,,],[,,],[,,]]$