Exercise 06-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells at a price of $225 per unit. Data for its single product for its first year of operations follow. Direct materials 29 per unit 37 per unit Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable 15 per unit 493,000 per year 27 per unit $ 218,000 per year 29,000 units Fixed Units produced and sold 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. 2. Prepare an income statement for the year using variable costing. Complete this question by ente ring 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 icofrie slalerrient ioT the yedl using absSo Stirg 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 variable costing. REY COMPANY Variable Costing Income Statement Net income (loss)