Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow Sales (546 per unit) Cost of goods sold (531 per unit) Gross margin Selling and administrative expenses Net income 2016 2017 $1,058,000 $1,978,899 713,000 1,333,000 345,800 645. 285,250 320,250 59,750 S 324,750 Additional Information a. Sales and production data for these first two years follow Units produced Units sold 33,000 23.090 33.000 43.000 b. Variable cost per unit and total fixed costs are unchanged during 2016 and 2017. The company's $31 per unit product cost consists of the following Direct materials Direct labor Variable overhead Fixed overhead (5330,000/33,000 units) Total product cost per unit Variable selling and administrative expenses ($1.75 per unit) Fixed selling and administrative expenses Total selling and administrative expenses 2016 2017 $ 40,250 $ 75,250 245,000 245, eee $285,250 $320, 250 1. Complete Income statements for the company for each of its first two years under variable costing. (Loss amounts sh entered with a minus sign.) DOWELL Company Variable Costing Income Statements Net income oss