Dowell Company produces a single product. Its income under variable costing for its first two years of operation follow. Variable Costing Income Income Additional Information Year 1 Year 2 $ 35,000 $ 530,000 a. Sales and production data for these first two years follow. Units Units produced Units sold Year 1 35,500 25,000 Year 2 35,500 46,000 b. The company's $31 per unit product cost (for both years) using absorption costing consists of the following. Direct materials Direct labor Variable overhead Fixed overhead ($350,000/35,000 units) Total product cost per unit Required: $ 5 9 7 10 $ 31 Prepare a statement to convert variable costing Income to absorption costing Income for both years. (Leave no cells blank - be certain to enter "O" wherever required.) Dowell Company Convert Variable Costing Income to Absorption Costing Income Year 1 Year 2 Variable costing income S 35,000 $ 530,000 Absorption costing income