Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold Sales price $ 35 per unit $ 55 per unit $ 20 per unit $ 8,800,000 per year $ 11 per unit $ 4,000,000 per year 110,000 units 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. 80,000 units $ 360 per unit Required 1 Required 2 Prepare an income statement for the year using variable costing. Sales Less: Variable expenses SIMS COMPANY Income Statement (Variable Costing) Variable cost of goods sold Variable selling and administrative expenses 0 0 Income < Required 1 Required 2 > Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold Sales price $ 35 per unit $ 55 per unit $ 20 per unit $ 8,800,000 per year $ 11 per unit $ 4,000,000 per year 110,000 units 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. 80,000 units $ 360 per unit Required 1 Required 2 Prepare an income statement for the year using absorption costing. SIMS COMPANY Income Statement (Absorption Costing) 0 $ 0 < Required 1 Required 2 > Rey Company's only product sells for $219 per unit. Data for its first year of operations follow. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced and sold $ 23 per unit $ 31 per unit $ 9 per unit $ 253,000 per year $ 21 per unit $ 206,000 per year 23,000 units 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year using absorption costing. REY COMPANY Income Statement (Absorption Costing) 0 $ 0 < Required 1 Required 2 > Rey Company's only product sells for $219 per unit. Data for its first year of operations follow. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced and sold $ 23 per unit $ 31 per unit $ 9 per unit $ 253,000 per year $ 21 per unit $ 206,000 per year 23,000 units 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing. 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. REY COMPANY Income Statement (Variable Costing) Income 0 0