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 absorption costing. REY COMPANY Income Statement (Absorption Costing) Fixed overhead costs Total variable costs Gross profit Contribution margin Income 0 $ 0 < Required 1 Required 2 > Show in matching graphs how to complete this problem 5 Rey Company's only product sells for $220 per unit. Data for its first year of operations follow. Direct materials $ 24 per unit 10 points References Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced and sold $ 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 Direct materials Direct labor Fixed overhead Gross profit $ 576,000 768,000 288,000 1,632,000 3,408,000 Fixed selling and administrative expenses 208,000 Direct materials 192,000 Variable selling and administrative expenses 528,000 928,000 Income $