14 1 of 2 Required information The following information apples to the questions displayed below! Dowell Company produces a single product is income statements under absorption costing for its first two years of operation follow Sales (518 per unit) Cost of goods sold (533 per unit) Grossmarin Selling and dinistrative expenses Net Income 2010 $960,000 $1,920,000 650.000 1.120,00 600.000 290,000 335,000 $ 10,000 265.000 ebook Additional Information a. Sales and production data for these fast two years follow Units produced Units sold 2019 0.000.000 20,000 10,000 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 aterials Direct Tabor Variable overhead Fixed overhead ($300,000/30,000 units) Total product cost per unit 9 9 $33 c. Selling and administrative expenses consist of the following Variable selling and sinistrative expenses (52.25 per unit) Fred welling and administrative penses Total selling and dinistrative expenses 2019 $45,000 $90,000 245,000 245.000 $290,000 $335.000 1. 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 (s) 2. Prepare a table as in Exhibit 612 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 2016 Variable costing income (loss) 2019 Absorption costing income (los)