Rey Company's single product sells at a price of $221 per unit. Data for its single product for its first year of operations follow. $ S 25 per unit 33 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold 11 per unit $ 325,000 per year $ 23 per unit $ 210,000 per year 25,000 unita 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing