Rey Company's single product sells at a price of $218 per unit. Data for its single product for its first year of operations follow. Direct materials 22 per unit 30 per $ Sunit Direct labor Overhead costs Variable overhead 8 per unit $220,000 per year Fixed overhead per year Selling and administrative expenses Variable -unit $ 20 per $204,000 per Fixed Units produced and sold year 22,000 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 Required Prepare an income statement for the year using absorption costing. REY COMPANY Absorption Costing Income Statement Net income (loss) Rey Company's single product sells at a price of $218 per unit. Data for its single product for its first year of operations follow. Direct materials $ 22 per unit 30 per unit $ Direct labor Overhead costs Variable overhead 8 per unit $220,000 per year Fixed overhead per year Selling and administrative expenses Variable unit $ 20 per $204,000 per Fixed Units produced and sold year 22,000 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 Required Prepare an income statement for the year using variable costing. REY COMPANY Variable Costing Income Statement Net income (loss)