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 $ 7,000,000 per year $ 11 per unit $ 4,250,000 per year Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold Sales price 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. 100,000 units 70,000 units $ 360 per unit. Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Income Statement (Variable Costing) Income Required 1 Required 2 Prepare an income statement for the year using absorption costing. SIMS COMPANY Income Statement (Absorption Costing) Required 1 Required 2 >