13 Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow. Income Statements (Absorption Costing) Year 1 Year 2 3 Sales ($58 per unit) $ 1, 914, 006 $ 3,538, 000 points Cost of goods sold ($48 per unit) 1, 584, 000 2,928, 000 Gross profit 330, 000 610, 000 Selling and administrative expenses 223,000 251, 000 Income $ 107,000 $ 359, 000 eBook Print Additional Information References a. Sales and production data for these first two years follow. Units Year 1 Year 2 Units produced 47,000 47 , 000 Units sold 33,000 61, 000 b. Variable costs per unit and fixed costs per year are unchanged during these years. The company's $48 per unit product cost using absorption costing consists of the following. Direct materials $ 17 Direct labor 17 Variable overhead 5 Fixed overhead ($423, 000/47, 000 units) 9 Total product cost per unit $ 48 c. Selling and administrative expenses consist of the following.13 c. Selling and administrative expenses consist of the following. 3 Selling and Administrative Expenses Year 1 Year 2 _ Variable selling and administrative ($1 per unit sold) $ 33,999 $ 61,999 pomTS Fixed selling and administrative 199,899 199,999 Total $ 223,899 $ 251,999 eBook _ Required: Prlnt Prepare income statements for each of these two years under variable costing. [Loss amounts should be entered with a minus sign.) RETEI'EFICES Variable cost of goods sold --| Variable selling and administrative expenses -_l Fixed selling and administrative expenses -_| Income (Loss) __