Rey Company's single product sells at a price of $220 per unit Data for its single product for its first year of operations follow. Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year telling and administrative expenses Variable Fixed Units produced and sold 24 per unit 32 per unit 10 per unit 280,000 per year $ 22 per unit $ 200,000 per year 24,000 unit 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing