CHAPTER 19. *****PLEASE READ FOR TEXT OPTIONS DIRECTIONS**** One the first part/chart, the entire left side have specific text options, and here are all the available options. PLEASE DO NOT PUT SOMETHING OTHER THAT THESE OPTIONS. The first blank's options are: Contribution margin, gross margin, net income, net loss, and sales. The second blanks options are: Less: costs of goods sold, less: fixed expeneses, less: variable costs, plus: costs of goods sold, plus: fixed expenses, and plus: variable costs. The third, fourth, fifth, sixth, and seventh blanks options are: direct labor, direct materials, fixed OH, fixed selling and administrative costs, variable OH, and variable selling and administrative expenses. The eighth blanks options are contribution margin, gross margin, net income, net loss, and sales. The ninth blanks are the same as the second blank. The tenth blanks options are: direct labor, direct materials, fixed overhead, fixed selling and administrative costs, variable OH, variable selling and admin expenses. And the last two blanks are the same as the tenth one.

PART 2 TEXT OPTIONS ARE: Add: fixed OH in beginning inventory, Add: fixed OH in ending inventory, Less: Fixed OH in beginning inventory, and Less: fixed OH in ending inventory.

[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.

		2014		2015
Sales ($46 per unit)	$	1,012,000	$	1,932,000
Cost of goods sold ($31 per unit)		682,000		1,302,000
Gross margin		330,000		630,000
Selling and administrative expenses		289,000		329,000
Net income	$	41,000	$	301,000

Additional Information
a.	Sales and production data for these first two years follow.

	2014	2015
Units produced	32,000	32,000
Units sold	22,000	42,000

b.	Variable cost per unit and total fixed costs are unchanged during 2014 and 2015. The company's $31 per unit product cost consists of the following.

Direct materials	$	5
Direct labor		9
Variable overhead		7
Fixed overhead ($320,000/32,000 units)		10
Total product cost per unit	$	31

c.	Selling and administrative expenses consist of the following.

		2014		2015
Variable selling and administrative expenses ($2 per unit)	$	44,000	$	84,000
Fixed selling and administrative expenses		245,000		245,000
Total selling and administrative expenses	$	289,000	$	329,000

Document1- Word FILE HOME INSERT DESIGNPAGE LAYOUT REFERENCES MAILINGSREVIEW VIEW Sign in velue 50.00 points 1. Complete income statements for the company for each of its first two years under variable costing (Loss amounts should be entered with a minus sign.) Variable 2014 2015 Net income (loss) 2. 50.00 points 2. What are the differences between the absorption costing income and the variable costing income for these two years? (Loss amounts should be entered with a minus sign.) Reconciliation of Variable Costing Income to Absorption Costing Income Variable costing income (loss) bsorption costing income (loss) PAGE 1 OF1 OWORDS L + 100% 11:59 PM 7/20/2016 Search the web and Windows 0 ^1 ))