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 $ 40 per unit $ 60 per unit $ 30 per unit $ 7,000, eee per year $ 11 per unit $ 4,250,000 per year 100,000 units 7e, oee units $ 35 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. SIMS COMPANY Income Statement (Variable Costing) 0 Income (oss) Required 2 > Fixed selling and administrative expenses Units produced Units sold Sales price $ 4,250,000 per year 100,000 units 7 , units $ 358 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. SIMS COMPANY Income Statement (Absorption Costing) (Required 1