Rey Company's only product sells for $228 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 variable costing. Prepare an income statement for the year using variable costing. \begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{ REY COMPANY } \\ \hline \multicolumn{1}{|c|}{ Income Statement (Absorption Costing) } \\ \hline Sales & $6,270,000 \\ \hline Cost of goods sold & 2,310,000 \\ \hline Contribution margin & 3,960,000 \\ \hline Selling and administrative expenses & 224,000 \\ \hline Income & $3,736,000 \\ \hline \end{tabular}