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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 $ 30 per unit
Direct labor $ 50 per unit
Variable overhead $ 20 per unit
Fixed overhead $ 8,400,000 per year
Variable selling and administrative expenses $ 11 per unit
Fixed selling and administrative expenses $ 4,500,000 per year
Units produced 105,000 units
Units sold 75,000 units
Sales price $ 360 per unit

1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing.

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