Rey Company's single product sells at a price of $233 per unit. Data for its single product for its first year of operations follow. 37 per unit 45 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold 7 per unit $ 225, eee per year 35 per unit $ 234, eee per year 25, eee 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. Prepare an income statement for the year using absorption costing. $ 5,825,000 REY COMPANY Absorption Costing Income Statement Sales Less: Cost of goods sold Direct materials $ 925,000 Direct labor 1,125,000 Variable overhead costs 175,000 Fixed overhead costs | 225,000 2,450,000 Cost of goods sold Gross margin (Selling general and administrative expenses Variable selling and administrative expenses (Fixed selling and administrative costs Net income (loss) Prepare an income statement for the year using variable costing. REY COMPANY Variable Costing Income Statement Sales Less: Variable costs | Direct materials Direct labor Variable overhead costs Variable selling and administrative expenses 5 Total variable costs Contribution margin Less: Fixed expenses (Fixed overhead costs Fixed selling and administrative costs Net income (loss)