Rey Company's single product sells at a price of $230 per unit. Data for its single product for its first year of operations follow Direct materials $ 34 per unit Direct labor $ 42 per unit Overhead costs Variable overhead Fixed overhead per year. $ 10 per unit $318,000 per year Selling and administrative expenses Variable $ 32 per unit Fixed $228,000 per year Units produced and sold 26,500 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 Sales Less: Cost of goods sold Direct materials Direct labor Variable overhead costs Fixed overhead costs Fixed selling and administrative costs Cost of goods sold $ 34 42 69 230 76 Net income (loss) $ 2,422,000 Required 1 Required 2 > 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 Net income (loss) 0