work you have completed so far. It does not indicate completion. Return to question 2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows Manufacturing costs Direct materials Direct labor Overhead costs Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit $ $6,600,000 (per year) $775,000 $4,500,000 110,000 wit 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing Answer is not complete, Complete this question by entering your answers in the tabs below. 19 Homework Saved Check my work mode: This shows what is correct or incorrect for t Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement Sales Less: Variable costs $ Direct materials 2,625,000 Direct labor 4,125,000 Variable overhead costs 2,250,000 Variable selling and administrative expenses 800,000 Total variable costs Contribution margin Less Fixed expenses Fixed overhead costs Fixed selling and administrative costs Fixed overhead costs Net income (loss) 27,000,000 9,800,000 17,200,000 Required 2