Rey Company's single product sells at a price of $223 per unit. Data for its single product for its first year of operations follow. $ $ 27 per unit 35 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold $ 13 per unit $ 485,eee per year $ 25 per unit $ 214,880 per year 27,099 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, REY COMPANY Absorption Costing Income Statement Net inconte os Required 2 > Um Lala Rey Company's single product sells at a price of 27 per unit 35 per unit $ 13 per unit $ 485,000 per year Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold $ 25 per unit $ 214,000 per year 27,808 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 variable costing. REY COMPANY Variable Costing Income Statement 0 Net Income (loss K Required