Exercise 6-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells at a price of $221 per unit. Data for its single product for its first year of operations follow. Direct material:s Direct labor Overhead costs 25 per unit 33 per unit 11 per unit 23 per unit Variable overhead Fixed overhead per year selling and administrative expenses s s 210,000 per year Units produced and sold 25,000 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 i Required 2 Prepare an income statement for the year using absorption costin