Exercise 19-9 (Algo) Absorption costing and variable costing income statements LO P2 Rey Company's only product sells for $232 per unit. Data for its first year of operations follow. Direct materials $36 per unit Direct labor $ 44 per unit Variable overhead $ 8 per unit Fixed overhead $ 255,000 per year Variable selling and administrative expenses '$ 34 per unit Fixed selling and administrative expenses $ 232,eee per year Units produced and sold 25,500 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 absorption costing. REY COMPANY Income Statement (Absorption Costing) Sales $ 5,916,000 Cost of goods sold 459,080 Contribution margin 5,456,920 Selling and administrative expenses 867,000 income $ 4,589,920 Required 1 Required 2 > Exercise 19-9 (Algo) Absorption costing and variable costing income statements LO P2 Rey Company's only product sells for $232 per unit. Data for its first year of operations follow. Direct materials $36 per unit Direct labor $ 44 per unit Variable overhead $ 8 per unit Fixed overhead $ 255,000 per year Variable selling and administrative expenses '$ 34 per unit Fixed selling and administrative expenses $ 232,880 per year Units produced and sold 25,5ee units 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using varlable costing. Complete this question by entering your answers in the tabs below. -ces Required 1 Requirfid 2 Prepare an income statement for the year using variable costing, REY COMPANY Income Statement (Variable Costing) Sales Less: Variable expenses Direct materials Direct labor Fixed overhead 0 0