Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and...

Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials $ 35 per unit Direct labor $ 55 per unit Overhead costs Variable $ 40 per unit Fixed $ 6,600,000 (per year) Selling and administrative costs for the year Variable $ 700,000 Fixed $ 4,500,000 Production and sales for the year Units produced 110,000 units Units sold 80,000 units Sales price per unit $ 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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