Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials 35 30 per unit Direct labor $ 50 per unit Variable overhead $ 30 per unit Fixed overhead is 7,350,000 per year Variable selling and administrative expenses 3; 11 per unit Fixed selling and administrative expenses $ 4,750,000 per year Units produced 105,000 units Units sold 75,000 units Sales price $ 350 per unit 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. Required 1 Required 2 Prepare an income statement for the year using variable costing. Less: Variable expenses _ Variable cost of goods sold - Variable selling and administrative expenses - _ o _ _ _ Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials $ 30 per unit Direct labor $ 50 per unit Variable overhead $ 30 per unit Fixed overhead 3; 7,350,000 per year Variable selling and administrative expenses $ 11 per unit Fixed selling and administrative expenses 35 4,750,000 per year Units produced 105,000 units Units sold 75,000 units Sales price $ 350 per unit 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. Required 1 Required 2 Prepare an income statement for the year using absorption costing. Cost of goods sold _ Selling and administrative expenses _