Rey Company's only product sells for $220 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 $ 24 per unit $ 32 per unit $ 10 per unit $ 288,000 per year $ 22 per unit $ 208,000 per year 24,000 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) < Required 1 Required 2 Required 1 Required 2 Prepare an income statement for the year using variable costing. REY COMPANY Income Statement (Variable Costing) Income < Required 1 Required 2 >