Exercise 19-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells ot a price of $216 per unit. Data for its single product for its first year of operations follow Direct materiale Direct labor Overhead costs 20 per unit 28 per unit 6 per unit 160,000 per year Variable overhead Pixed overhead per year Selling and administrative expenses Variable Fixed Unite produced and sold 18 per unit 200,000 per year 20,000 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 enterina vour answers in the tahe ha Required 1 Required 2 Prepare an income statement for the year using absorption costing REY COMPANY Absorption Costing Income Statement Sales Less: Cost of goods sold 4,320,000 Direct labor Variable selling and administrative expenses Fixed selling and administrative costs Total selling, general and administrative expenses Net income (loss) 360,000 2,000 362,000 $ 2,520,000 Required 1 Required 2 RaeEEecaecu....cw.cwccww.uuauaacccooewwe.. Prepare.an Income statement for the ear using,variable, costing-.............................. variable costing REY COMPANY Variable Costing Income Statement Net income (loss)