Rey Company's single product sells at a price of $216 per unit. Data for its single product for its first year of operations follow. Direct materiale Direct labor Overhead cost Variable overhead Fixed overhead per year Bolting and administrative expenses Variable Pied Units produced and sold 5 20 per unit 3 28 permit per unit $ 160,000 per year 5 10 per 320,000 per y 20.000 units 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing Answer is not completo mplete 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 COUNY 470.000 Sale Lee Cost of goods sold De materials Dalabor Variable overhead costs Fixed overhead posts BOOOO 400.000 500.000 120.000 160.000 Coat of goods sold Olo 1.240.000 2.000.000