Exercise 06-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells at a price of $218 per unit. Data for its single product for its first year of operations follow. ta ta 22 per unit 30 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold ta ta 8 per unit 220,000 per year ta ta 20 per unit 204,000 per year 22,000 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 Absorption Costing Income Statement Net income (loss) Exercise 06-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells at a price of $218 per unit. Data for its single product for its first year of operations follow. AA tA 22 per unit 30 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold tAtA 8 per unit 220,000 per year tAtA 20 per unit 204,000 per year 22,000 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 Variable Costing Income Statement Net income (loss)