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 nit 28 per wait Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units 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 Required 1 Required 2 Prepare an income statement for the year using absorption costing. $ 4,320,000 ok REY COMPANY Absorption Costing Income Statement Sales Less: Cost of goods sold Direct materials Direct labor Fixed overhead costs Variable overhead costs 1,080,000 ces 1,080,000 Prepare an income statement for the year using variable costing. REY COMPANY Variable Costing Income Statement 0