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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