Rey Company's only product sells for $220 per unit. Data for its first year of operations follow. Direct materials $ 24 per unit 3 Direct labor $ 32 per unit points Variable overhead $ 19 per unit Fixed overhead 1; 288,999 per year Variable selling and administrative expenses $ 22 per unit Fixed selling and administrative expenses $ 298,999 per year E'BDOK Units produced and sold 24,999 units Hm 1. Prepare an income statement for the year using absorption costing Pm 2. Prepare an income statement for the year using variable costing. References Complete this question by entering your answers in the tabs below. 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 $ 5,280,000 Less: Variable expenses Variable cost of goods sold Variable selling and administrative expenses 0 Contribution margin Income