Exercise 06-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells at a price of $234 per unit. Data for its single product for its first year of operations follow. $ $ 38 per unit 46 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold $ 6 per unit $ 196,000 per year $ 36 per unit $ 236,000 per year 24,500 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