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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 sets Variabile Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit S 40 punt $6,600,000 (per year) 35 par wit 55 per welt $775,000 $4,500,000 $ 110,000 units 80,000 it 360 per st 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing you have completed so far. It does not indicate completion. Answer is not complete, Complete this question by entering your answers in the tabs below. ... Return to question

19 Homework 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 Direct labor Variable overhead costs Variable selling and administrative expenses Total variable costs Contribution margin Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs Fixed overhead costs Net income (loss) 2,625,000 4,125,000 2,250,000 X 800,000 > 27,000,000 9,800,000 17,200,000 X Required 2 Saved < Prev 2 of

2 pints Required 1. Required 2 Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement Sales Less: Cost of goods sold Direct materials Direct labor Variable overhead costs Fixed overhead costs Net income (loss) < Required 1 $27,000,000 Required 2