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 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. $ 35 per unit $ 55 per unit $ 20 per unit $ 8,400,000 per year $ 11 per unit $4,750,000 per year 105,000 units Complete this question by entering your answers in the tabs below. 75,000 units $ 350 per unit Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Income Statement (Variable Costing) Rey Company's only product sells for $223 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 $ 27 per unit $35 per unit $ 13 per unit $ 405,000 per year $25 per unit $214,000 per year 27,000 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) Jax Incorporated reports the following data for its only product. The company had no beginning finished goods inventory and it uses absorption costing. Sales price Direct materials Direct labor Variable overhead Fixed overhead $ 57.30 per unit $ 10.30 per unit $ 7.80 per unit $ 12.30 per unit $ 1,160,700 per year 1. Compute gross profit assuming (a) 73,000 units are produced and 73,000 units are sold and (b) 106,000 units are produced and 73,000 units are sold. 2. By how much would the company's gross profit increase or decrease from producing 33,000 more units than it sells? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute gross profit assuming (a) 73,000 units are produced and 73,000 units are sold and (b) 106,000 units are produced and 73,000 units are sold. (a) 73,000 Units: Produced and 73,000 Units Sold (b) 106,000 Units. Produced and 73,000 Units Sold Apple has the following product line information for the current year. Some data are assumed. $ millions Sales Contribution margin Required: iPhone $142,381 68,343 Services $ 46,291 33,330 1. Compute the contribution margin ratio for both product lines for the current year. 2. Which product line performed better based on contribution margin ratio? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the contribution margin ratio for both product lines for the current year. iPhone Services Contribution margin ratio %