Rey Company's only product sells for $223 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 $ 27 per unit $ 35 per unit $ 13 per unit $ 405,000 per year $ 25 per unit $214,000 per year 27,000 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. 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 Contribution margin Selling and administrative expenses Income $ 6,021,000 5,807,000 214,000 $ 214,000 Required 1 Required 2 > Required 1 Required 2 Prepare an income statement for the year using variable costing. Sales Income REY COMPANY Income Statement (Variable Costing) 0