Please answer required 1,2 Sims Company began operations on January 1. Its cost and sales Information for this year follow.Direct materialsDirect laborVariable overheadFixed overheadVariable selling and administrative expensesFixed selling and administrative expensesUnits producedUnits soldSales price$ 35 per unit$ 55 per unit$ 20 per unit$ 8,800,e00e per year$ 11 per unit$ 4,250,000 per year110,000 units80,e00 units$ 350 per unit1. 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 1Required 2Prepare an income statement for the year using absorption costing.SIMS COMPANYIncome Statement (Absorption Costing)< Required 1Required 2 > Sims Company began operations on January 1. Its cost and sales information for this year follow.Direct materialsDirect laborVariable overheadFixed overheadVariable selling and administrative expensesFixed selling and administrative expensesUnits producedUnits soldSales price$ 35 per unit$ 55 per unit$ 20 per unit$ 8,800,e00 per year$ 11 per unit$ 4,250,000 per year110, e00 units80, e00 units$ 350 per unit1. 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 1Required 2Prepare an income statement for the year using variable costing.SIMS COMPANYIncome Statement (Variable Costing)Income

1. Variable Costing - In this costing method, variable costs are considered while preparing the cost…

Sims Company began operations on January 1. Its cost and sales Information for this year follow. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold Sales price $ 35 per unit $ 55 per unit $ 20 per unit $ 8,800,e00 per year $ 11 per unit $ 4,250,000 per year 110,000 units 80,ee0 units $ 350 per unit 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 2 Prepare an income statement for the year using absorption costing. SIMS COMPANY Income Statement (Absorption Costing) %24 < Required 1 Required 2