Rey Company's only product sells for $229 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 $ 33 per unit $ 41 per unit $ 11 per unit $ 351,000 per year $ 31 per unit $ 226,000 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) Rey Company's only product sells for $229 per unit. Data for its first year of operations follow. Direct materials $ 33 per unit Direct labor $ 41 per unit Variable overhead $ 11 per unit Fixed overhead $ 351,000 per year Variable selling and administrative expenses $ 31 per unit Fixed selling and administrative expenses $ 226,000 per year 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 I Prepare an income statement for the year using variable costing. REY COMPANY Income Statement (Variable Costing)