Rey Company's single product sells at a price of $231 per unit. Data for its single product for its first year of operations follow. $ 35 per unit 43 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold $ 9 per unit $ 286,000 per year $ 33 per unit $ 230,000 per year 26,000 units 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing