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 un Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable om 13 perut 405.000 per year Fixed 25 per unit 214,000 per year 27.sti Units produced and sold 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 income (loss) Required 1 Required 2 Prepare an income statement for the year using variable costing. REY COMPANY Variable Costing Income Statement Net Income (loss)