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Required Information [The following information applies to the questions displayed below.] Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow. 2018 2019 Sales ($48 per unit) $1, 056, 000 $2,016,000 Cost of goods sold ($33 per unit) 726,000 1, 386,000 Gross margin 330,000 630,000 Selling and administrative expenses 278,500 313,500 Net income 51, 500 $ 316,500 Additional Information a. Sales and production data for these first two years follow. 2018 2019 Units produced 32,000 32,000 Units sold 22,000 42,000 b. Variable cost per unit and total fixed costs are unchanged during 2018 and 2019. The company's $33 per unit product cost consists of the following Direct materials Direct labor variable overhead Fixed overhead ($320, 000/32, 000 units) Total product cost per unit $33 c. Selling and administrative expenses consist of the following. 2018 2019 variable selling and administrative expenses ($1.75 per unit) $ 38, 500 $ 73,500 Fixed selling and administrative expenses 240,000 240,000 Total selling and administrative expenses $278, 500 $313, 5001. Prepare income statements for the company for each of its first two years under variable costing. (Loss amounts should be entered with a minus sign.) DOWELL Company Variable Costing Income Statements 2018 2019 Net income (loss)2. Prepare a table as in Exhibit 19.12 to convert variable costing income to absorption costing income for both 2018 and 2019. (Loss amounts should be entered with a minus sign.) DOWELL COMPANY Reconciliation of Variable Costing Income to Absorption Costing Income 2018 2019 Variable costing income (loss) Absorption costing income (loss)