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. $ 24 per unit 32 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold $ 10 per unit $ 288,000 per year $ 22 per unit $ 208,000 per year 24,000 units 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing