Exercise 19-9 (Algo) Absorption costing and variable costing income statements LO P2 Rey Company's only product sells for $233 per unit. Data for its first year of operations follow. Direct materials $ 37 per unit Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced and sold $ 45 per unit $ 7 per unit $225,000 per year $35 per unit $ 234,000 per year 25,000 units . 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) 0 $ 0 Exercise 19-7 (Algo) Income reporting under absorption costing and variable costing LO P2 Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold Sales price $ 30 per unit $ 50 per unit $ 20 per unit $ 8,400,000 per year $ 11 per unit 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. $ 4,000,000 per year 105,000 units 75,000 units $ 360 per unit 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. SIMS COMPANY Income Statement (Variable Costing) 0 0 Income