Rey Company's only product sells for $221 per unit Data for its first year of operations follow. Direct materials $ 25 per unit Direct labor $ 30 per unit Variable overhead $ 11 per unit Fixed overhead $ 325, 060 per year Variable selling and administrative expenses $ 23 per unit Fixed selling and administrative expenses $ 210, 060 per year Inits produced and sold 25,090 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) Sales 5 5,525,000 Cost of goods sold Gross profit 5,525,000 Selling and administrative expenses Income 5 5,525,000 Rey Company's only product sells for $221 per unit Data for its first year of operations follow. Direct materials $ 25 per unit Direct labor $ 30 per unit Variable overhead $ 11 per unit Fixed overhead $ 325, 090 per year Variable selling and administrative expenses $ 21 per unit Fixed selling and administrative expenses $ 210, 060 per year Units produced and sold 25, 090 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 variable costing. REY COMPANY Income Statement (Variable Costing) Sales 5,525,000 Less: Variable expenses Variable cost of goods sold 1,725,000 Variable selling and administrative expenses 1.725,000 Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative expenses Income