Exercise 19-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells at a price of $227 per unit. Data for its single product for its first year of operations follow. A $ 31 per unit 39 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold 13 per unit 420,000 per year 29 per unit $ 222,000 per year 28,000 units 1. Prepare an income statement for the year using absorption costing REY COMPANY Absorption Costing Income Statement Net income (loss) 2. Prepare an income statement for the year using variable costing. REY COMPANY Variable Costing Income Statement Net income (loss)