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Exercise 6-9 (Algo) Absorption costing and variable costing income statements LO P2 Rey Company's only product sells for $225 per unit. Data for its first year of operations follow. 5 Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced and sold $ 29 per unit $ 37 per unit $ 15 per unit $ 493,000 per year $ 27 per unit $ 218,000 per year 29,000 units 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing, Required 1 Required 2 Prepare an income statement for the year using absorption costing. REY COMPANY M Income Statement (Absorption Costing) Sales Cost of goods sold Gross profit Selling and administrative expenses Income $ 6,525,000 2,842,000 3,683,000 1,001,000 $ 2,682,000 E Prepare an income statement for the year using variable costing. REY COMPANY Income Statement (Variable Costing) Sales $ 6,525,000 Less: Variable expenses Fixed selling and administrative expenses 0 Income Direct labor Direct materials Fixed overhead Fixed selling and administrative expenses Fixed overhead Fixed selling and administrative expenses Sales Variable cost of goods sold Variable selling and administrative expensku