Rey Company's slngle product sells at a price of $223 per unit. Data for Its single product for Its first year of operations follow. Direct materials 27 per unit Direct labor 35 per unit Overhead costs Variable overhead 13 per unit 405,0ee per year Fixed overhead per year Selling and administrative expenses Variable 25 per unit 214,0ee per year Fixed Units produced and sold 27,0e0 units 1. Prepare an Income statement for the year using absorption costing 2. Prepare an Income statement for the year using varlable 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 va riable costing. REY COMPANY Variable Costing Income Statement Net income (loss) Required 2> Required 1