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. REY COMPANY Income Statement (Absorption Costing) Units produced and sold 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 variable costing. REY COMPANY Income Statement (Variable Costing) Income ! Required information [The following information applies to the questions displayed below.] Trio Company reports the following information for its first year of operations. Direct materials Direct labor Variable overhead Fixed overhead Units produced Units sold Ending finished goods inventory $ 13 per unit $ 17 per unit $ 4 per unit $ 326,400 per year 20,400 units 17,000 units 3,400 units 1. Compute the product cost per unit using absorption costing. 2. Determine the cost of ending finished goods inventory using absorption costing. 3. Determine the cost of goods sold using absorption costing. 1. Compute the product cost per unit using absorption costing. 2. Determine the cost of ending finished goods inventory using absorption costing. 3. Determine the cost of goods sold using absorption costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the product cost per unit using absorption costing. Product cost per unit of finished goods using: Absorption costing Product cost per unit 1. Compute the product cost per unit using absorption costing. 2. Determine the cost of ending finished goods inventory using absorption costing. 3. Determine the cost of goods sold using absorption costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the cost of ending finished goods inventory using absorption costing. Cost per unit of finished goods using: Product cost per unit Absorption costing Number of units in finished goods Cost of ending finished goods inventory 1. Compute the product cost per unit using absorption costing. 2. Determine the cost of ending finished goods inventory using absorption costing. 3. Determine the cost of goods sold using absorption costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the cost of goods sold using absorption costing. Cost per unit of goods sold using: Product cost per unit Number of units sold Cost of sold goods Absorption costing