Dowell Company produces a single product. Its Income statements under absorption costing for its first two years of operation follow Sales (544 per unit) Cost of goods sold ($29 per unit) Gross margin Selling and administrative expenses Net income 2018 2019 5924,000 $1,800,000 609, eee 1,189, eee 315,000 615,000 287, 25e 332,250 $ 27,750 $ 282,750 Additional Information a. Sales and production data for these first two years follow. Units produced units sold 2018 2019 31,000 31,000 21.000 41,000 b. Variable cost per unit and total fixed costs are unchanged during 2018 and 2019. The company's $29 per unit product cost consists of the following Direct materials Direct labor Variable overhead Fived overhead ($110./11. units) Total product coit per unit Fixed selling and administrative expenses Total selling and administrative expenses 240,00 24e,ese $287,250 $332,25e 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 slgn. 2010 3.1.804,000 DOWELL Company Variable Costing Income Statements 2018 Sales 5 024.000 Less Variable costs Direct materiais Direct labor Variable overhead Variable selling and administrative expenses Contribution margin Less Fore expenses Foxed overned Fed selling and administrative costs Nerinoma)