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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 $ 35 per unit Direct labor $ 55 per unit Variable overhead $ 20 per unit Fixed overhead $ 8,000,000 per year Variable selling and administrative expenses $ 11 per unit Fixed selling and administrative expenses $ 4,750,000 per year Units produced 100,000 units Units sold 70,000 units Sales price $ 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.

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