Rey Company's only product sells for $$231$ per unit. Data for its first year of operations follow.

Direct materials

Direct labor

Variable overhead

Fixed overhead

Variable selling and administrative expenses

Fixed selling and administrative expenses

Units produced and sold

$$35$ per unit

$$9$ per unit

$$286,000$ per year

$$230,000$ per year

$26,000$ units

Prepare an income statement for the year using absorption costing

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.

$\backslash$table$[[$REY COMPANY$],[$Income Statement $($Absorption Costing$),],[,],[,],[,],[,0],[,]]$

Required $2$Rey Company's only product sells for $$231$ per unit. Data for its first year of operations follow.

Direct materials

Direct labor

Variable overhead

Fixed overhead

Variable selling and administrative expenses

Fixed selling and administrative expenses

Units produced and sold

$$35$ per unit

$$43$ per unit

$$9$ per unit

$$286,000$ per year

$$33$ per unit

$$230,000$ per year

$26,000$ units

Prepare an income statement for the year using absorption costing

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

Rey Company's only product sells for $$231$ per unit. Data for its first year of operations follow.

Direct materials

Direct labor

Variable overhead

Fixed overhead

Variable selling and administrative expenses

Fixed selling and administrative expenses

Units produced and sold

$ $35$ per unit

$$43$ per unit

$$9$ per unit

$$286,000$ per year

$$33$ per unit

$$230,000$ per year

$26,000$ units

Prepare an income statement for the year using absorption costing

Prepare an income statement for the year using variable costing.

Complete this question by entering your answers in the tabs below.

Required $1$

Require

Prepare an income statement for the year using variable costing.

REY COMPANY

$\backslash$table$[[$REY COMPANY$],[$Income

Statement $($Variable Costing$)$

$$ Can you prepare income statements for both absorption and variable costing? Thank you!