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 Sales ($57 per unit) $ 1,824,999 $ 3,429,999 Cost of goods sold ($46 per unit) 1,472,999 2,769,999 Gross profit 352,999 669,999 Selling and administrative expenses 244,999 399,999 Income $ 198,999 fa 369,999 Additional Info rma Hon a. Sales and production data for these first two years foilow. Units Year 1 Year 2 Units produced 16,999 16,999 Units sold 32,666 69,669 b. Variable costs per unit and fixed costs per year are unchanged during these years. The company's $46 per unit product cost using absorption costing consists of the foilowing. Direct materials $ 15 Direct labor 16 Variable overhead 6 Fixed overhead ($368,999/46,999 units) 8 Total product cost per unit $ 45 c. Selling and administrative expenses consist of the following. Selling and Administrative Expenses Year 1 Year 2 Variable selling and administrative ($2 per unit sold} $ 64,999 $ 129,999 Fixed selling and administrative 189,999 189,999 Total $ 244,999 $ 399,999 Required: Prepare income statements for each of these two years under variable costing. (Loss amounts should be entered with a minus sign.) Income (Loss)