1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing. Complete this question by entering your answers in the tabs below. Book Required 1 Required 2 Prepare an income statement for the year using absorption costing, Tint rences $ 5,280,000 REY COMPANY Absorption Costing Income Statement Sales Less: Cost of goods sold Direct materials $ 576,000 Direct labor 768,000 Variable overhead costs 240,000 Fixed overhead costs 288,000 Cost of goods sold (Gross margin 1,872,000 3,400,000 Variable selling and administrative expenses Fixed selling and administrative costs Total selling, general and administrative expenses Net income (los) 528,000 208,000 736.000 $ 2,672.000 Complete this question by entering your answers in the tabs below. Required 1 Required2 Prepare an income statement for the year using variable costing. K at $ 5,280,000 nces REY COMPANY Variable Costing Income Statement Sales Less: Variable costs Direct materials $ 576,000 Direct labor 768,000 Variable overhead costs 240,000 Variable selling and administrative expenses 528,000 2,112,000 3,168,000 Total variable costs Contribution margin Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs 288,000 208,000 Total fixed expenses Net income (loss) 496,000 $ 2,672,000 Rey Company's single product sells at a price of $220 per unit. Data for its single Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold $ 24 per unit $ 32 per unit 10 per unit $ 288,000 per year $ 22 per unit $ 208,000 per year 24,000 units es 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing