#20 NEED HELP PLEASE

Rey Company's only product sells for $225 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 $ 29 per unit $ 37 per unit $ 15 per unit $ 493,000 per year $ 27 per unit $ 218,000 per year 29,000 units 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing. Required 1 Required 2 Prepare an income statement for the year using absorption costing. REY COMPANY Income Statement (Absorption Costing) Sales $ 6,525,000 Cost of goods sold 6,525,000 Income $ 6,525,000 Prepare an income statement for the year using variable costing. REY COMPANY Income Statement (Variable Costing) 0 Fixed selling and administrative expenses 0 Income Direct labor Direct materials Fixed overhead Fixed selling and administrative expenses Fixed overhead Fixed selling and administrative expenses Sales Variable cost of goods sold Variable selling and administrative expenses