1 Rey Company's single product sells at a price of $224 per unit Data for its single product for its first year of operations follow. 5 28 per unit 36 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold 5 14 per unit $448,000 per year 26 per unit $216,000 per year 20,000 units 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. Required 1 Required 2 Prepare an income statement for the year uning absorption costing. REY COMPANY Absorption Conting Income Statement Rey Company's single product sells at a price of $224 per unit. Data for its single product for its first year of operations follow $ 28 per unit 36 per unit Direct materials Direct Labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold 5 14 per unit $448,000 per year $ 26 per unit 5 216,000 per year 28,000 units 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. Required 1 Rebuired 2 Prepare an income statement for the year using variable costing. REY COMPANY Variable Costing Income Statement