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 $ 30 per unit $50 per unit $ 20 per unit $ 8,400,000 per year $11 per unit $ 4,750,000 per year 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. 105,000 units 75,000 units $ 360 per unit 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. Sales Less: Variable expenses Direct materials Direct labor SIMS COMPANY Income Statement (Variable Costing) 0 0 Income < Required 1 Required 2 >