Exercise 6-5 Absorption costing and variable costing in come statements LO P2 Rey Company's single product sells at a price of $218 per unit. Data for its single product for ts first Direct materials Direct labor Overhead costs per per Variable overhead g Per unit year per Fixed overhead per year $220, 000 per Selling and administrative expenses Variable unit Fixed $204, 000 Per year Units produced and sold 22, 000 units 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing