Rey Company's only product sells for $223 per unit. Data for its first year of operations follow. 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. Prepare an income statement for the year using absorption costing. Required 1 Required 2 Prepare an income statement for the year using variable costing. REY COMPANY Income Statement (Variable Costing) \begin{tabular}{|l|l|l|} \hline Sales & & \\ \hline Less: Variable expenses & \multicolumn{2}{|l|}{} \\ \hline Direct materials & & \\ \hline Direct labor & & \\ \hline Variable selling and administrative expenses & & \\ \hline Contribution margin & & \\ \hline Less: Fixed expenses & & \\ \hline Fixed overhead & & \\ \hline Fixed selling and administrative expenses & & \\ \hline Fixed selling and administrative expenses & & \\ \hline Income & & \\ \hline \end{tabular} Required 1 Required 2