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. $ $ 20 per unit 28 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Unite produced and sold $ 6 per unit $ 160,000 per year $ 18 per unit $ 200,000 per year 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, 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 Absorption Costing Income Statement Required 1 Required 2 Prepare an income statement for the year using absorption costing. REY COMPANY Absorption Costing Income Statement Sales Less: Cost of goods sold Direct materials $ 4,320,000 Direct labor Variable overhead costs Fixed overhead costs 3,080,000 Cost of goods sold Gross margin Selling general and administrative expenses Variable selling and administrative expenses Fixed selling and administrative costs Net income (loss) $ 2,520,000 Required 1 Required 2 > Required 1 Required 2 Prepare an income statement for the year using variable costing. REY COMPANY Variable Costing Income Statement Sales Plus: Variable costs 0 0 Net income (loss)