Rey Company's only product sells for $222 per unit Data for its first year of operations follow. 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. Prepare an income statement for the year using absorption costing. REY COMPANY Income Statement (Absorption Costing) Direct materials Direct materials Fixed overhead costs Fixed selling and administrative costs Sales Variable overhead costs Variable selling and administrative expenses Prepare an income statement for the year using variable costing