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

Exercise 19-7 (Algo) Income reporting under absorption costing and variable costing LO P2 Sims Company began operations on January 1. Its cost and soles information for this year follow. Direct materials Oilect labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold Sales price 1. Prepare on income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. S 4'? per unit S per unit S 3'? per unit S per year S II per unit S 4, 250,e per year Il,ae units 80,e units 30 per unit Complete this question by entering your answers in the tabs below. Required I Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Income Required I Required 1 Required 2 Prepare an income statement for the year using absorption costing. Income Statement Required 1 2 Required 2