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* Answer is not complete. 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 Income Statement (Variable Costing) Sales S 6.183,000 Less: Variable expenses Variable selling and administrative expenses Variable cost of goods sold S 837.000 837.000 3,051,000 Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative expenses 361,000 226,000 Income 577.000 $ 2.474.000 Required 1 Exercise 19-9 (Algo) Absorption costing and variable costing income statements LO P2 $ 41 per Unit $ 11 per unit Rey Company's only product sells for $229 per unit Data for its first year of operations follow. Direct materials S 33 per unit Direct labor Variable overhead Fixed overhead $ 351,000 per year Variable selling and administrative expenses $ 31 per unit Fixed selling and administrative expenses $ 226,000 per year Units produced and sold 271,000 units 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing