Sims Company began operations on January 1. Its cost and sales information for this year follow. $ 30 per unit $50 per unit $20 per unit $ 8,400,000 per year $ 11 per unit Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold Sales price $4,750,000 per year 105,000 units 75,000 units 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. $ 350 per unit

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