Please do not give solution in image format thanku Sims Company began operations on January 1 Its cost and sales information for this year follow.Direct materials.Direct labor$40 per unit$ 60 per unit$ 20 per unitVariable 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.SIMS COMPANYIncome Statement (Variable Costing)IncomeDirect materials.Direct laborVariable overheadFixed overheadSims Company began operations on January 1. Its cost and sales information for this year follow.$40 per unit$ 60 per unit$ 20 per unitVariable selling and administrative expensesFixed selling and administrative expensesUnits producedUnits soldSales price$ 8,400,000 per year$ 11 per unit$4,750,000 per year.105,000 units75,000 units$36alper unitRequired 2 >1. Prepare an income statement for the year using variable costing2. Prepare an income statement for the year using absorption costing.Required 11 Required 2hPrepare an income statement for the year using absorption costing.SIMS COMPANYIncome Statement (Absorption Costing)$ 8,400,000 per year$ 11 per unit$4,750,000 per year105,000 units75,000 units$360 per unitComplete this question by entering your answers in the tabs below.

Variable costs are costs that vary with the change in the level of output whereas fixed costs are…

Sims Company began operations on January 1 Its cost and sales information for this year follow. $40 per unit $ 60 per unit $ 20 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 1. Prepare an income statement for the year using variable costing 2. Prepare an income statement for the year using absorption costing. $ 8,400,000 per year $ 11 per unit $4,750,000 per year 105,000 units 75,000 units $360lper unit

Sims Company began operations on January 1 Its cost and sales information for this year follow. $40 per unit $ 60 per unit $ 20 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 1. Prepare an income statement for the year using variable costing 2. Prepare an income statement for the year using absorption costing. $ 8,400,000 per year $ 11 per unit $4,750,000 per year 105,000 units 75,000 units $360lper unit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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