Rey Company's only product sells for $230 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 $ 34 per unit $ 42 per unit $ 10 per unit $ 318,000 per year $ 32 per unit $ 228,000 per year 26,500 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) 0 $ 0 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) Sales 6,095,000 5 Less: Variable expenses Variable cost of goods sold Variable selling and administrative expenses 848,000 848,000 Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative expenses Income 0 < Required 1 Required 2 >