10 5 points References Rey Company's only product sells for $220 per unit. Data for its first year of operations follow. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses 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 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 using variable costing. REY COMPANY Income Statement (Variable Costing) Sales $ 5,280,000 Less: Variable expenses Variable cost of goods sold $ 1,584,000 Variable selling and administrative expenses 528,000 2,112,000 Contribution margin 3,168,000 Less: Fixed expenses Fixed overhead 288,000 Fixed selling and administrative expenses 208,000 496,000 Income < Required 1 992,000 $ 2,672,000 Required 2 > Can you grade Required 2 for me? I need to check it one last time before I submit Required 1 Required 2 Prepare an income statement for the year using absorption costing. REY COMPANY Income Statement (Absorption Costing) Sales Cost of goods sold Gross profit Selling and administrative expenses Income $ 5,280,000 1,872,000 3,408,000 736,000 2,672,000 < Required 1 Required 2 >