Please do not give solution in image format thanku 1. 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 absorption costing.SIMS COMPANYIncome Statement (Absorption Costing)$< Required 110Required 2 Sims Company began operations on January 1. Its cost and sales information for this year follow.$35 per unit$ 55 per unit$ 30 per unit$7,350,000 per year$ 11 per unit$5,000,000 per year105,000 units75,000 units$ 350 per unitDirect materialsDirect 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.RequiredRequired 2Prepare an income statement for the year using variable costing.SIMS COMPANYIncome Statement (Variable Costing)Income00

The field of accounting known as cost accounting is utilized by manufacturing organizations to…

Sims Company began operations on January 1. Its cost and sales information for this year follow $ 35 per unit $ 55 per unit $ 30 per unit $7,350,000 per year. $ 11 per unit $5,000,000 per year 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. 105,000 units 75,000 units $ 350 per unit

Sims Company began operations on January 1. Its cost and sales information for this year follow $ 35 per unit $ 55 per unit $ 30 per unit $7,350,000 per year. $ 11 per unit $5,000,000 per year 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. 105,000 units 75,000 units $ 350 per 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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