Rey Company's only product sells for $216 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 $ 20 per unit $ 28 per unit $ 6 per unit $ 160,000 per year $ 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 Answer is not complete. 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 Cost of goods sold Gross proft Selling and administrative expenses Income O Required 2 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing Answer is not complete. 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. REY COMPANY Income Statement (Variable Costing) Sales 0 Income