Sims Company began operations on January 1. Its cost and sales Information for this year follow.$ 40 per unit$ 60 per unit$20 per unitDirect materials.Direct laborVariable overheadFixed overheadVariable selling and administrative expensesFixed selling and administrative expensesUnits producedUnits soldSales price1. Prepare an Income statement for the year using variable costing.2. Prepare an Income statement for the year using absorption costing.Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare an income statement for the year using variable costing.IncomeSIMS COMPANYIncome Statement (Variable Costing)Direct materials.Direct laborVariable overheadFixed overhead< Required 1Sims Company began operations on January 1. Its cost and sales Information for this year follow.Variable selling and administrative expensesFixed selling and administrative expensesUnits producedUnits soldSales priceRequired 1 Required 21. Prepare an Income statement for the year using variable costing.2. Prepare an Income statement for the year using absorption costing.Prepare an income statement for the year using absorption costing.Complete this question by entering your answers in the tabs below.SIMS COMPANYIncome Statement (Absorption Costing)$ 8,400,000 per year$ 11 per unit$4,750,000 per year105,000 units75,000 units$360 per unitS< Required 1Required 2 >00$ 40 per unit$ 60 per unit$ 20 per unit$ 8,400,000 per year$ 11 per unit$4,750,000 per year105,000 units75,000 units$360 per unitRequired 2 >

Name: Sims Company began operations on January 1. Its cost and sales Inform
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Sims Company began operations on January 1. Its cost and sales Information for this year follow.$ 40 per unit$ 60 per unit$20 per unitDirect materials.Direct laborVariable overheadFixed overheadVariable selling and administrative expensesFixed selli