Sims Compary began operations on January 1 its cost and sales information for this year follow. 1. Prepare an income statement for the year using varlable costing. 2. Prepare on income statement for the year using absorption costing Complete this question by entering your answers in the tabs below. Prepare an income statement for the year using variable costing. Sims Company began operations on January 1 . Its cost and sales information for this year follow 1. Prepare an income statement for the year using varlable costing. 2. Prepare an income statement for the year using absorption costing. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year using absorption costing