3 Rey Company's single product sells at a price of $236 per unit. Data for its single product for its first year of operations follow Direct materials 40 per unit Direct labor 48 per unit Overhead costs Variable overhead S 4 per unit Fixed overhead per year 5 141,080 per year Selling and administrative expenses Variable S 38 per unit Fixed 240, 003 per year Units produced and sold 23, 500 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 Variable Costing Income Statement Mc