Sims Company began operations on January 1. its cost and sales information for this yearfoilow. Direct materials $ 35 per unit Direct labor $ 55 per unit Variable overhead $ 39 per unit Fixed overhead $ 7,666,999 per year Variable selling and administrative expenses $ 11 per unit Fixed selling and administrative expenses $ 4,256,999 per year Units produced 199,999 units Units sold 76,999 units Sales price $ 369 per unit 1. Prepare an income statement tor 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 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. SIMS COMPANY Income Statement (Variable Costing) Sales Less: Variable expenses Direct materials Direct labor Variable selling and administrative expenses 0 Contribution margin Less: Fixed expenses Variable selling and administrative expenses Fixed overhead Fixed selling and administrative expenses Income Complete this question by entering your answers in the tabs below. Required 1 Required 2 H Prepare an income statement for the year using absorption costing. ( Required 1