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Sims Company began operations on January 1. Its cost and sales information for this year...

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Accounting

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 4,250,000 per year Units produced
Units sold
Sales price
$40 per unit
$60 per unit
$30 per unit $
7,000,000 per year
$11 per unit
100,000 units
70,000 units
$350 per unit
-Prepare an income statement for the year using variable costing.
-Prepare an income statement for the year using absorption costing.
Complete this question by entering your answers in the tabs below.
\table[[Required,Required],[1,2]]
Prepare an income statement for the year using variable costing.
\table[[SIMS COMPANY,],[Sales,,$
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