Dowell Company produces a single product. Its income under variable costing for its rst two years of operation follow. Variable Costing Income Year 1 Year 2 Income $ 58,888 $ 638,888 Additional information a. Sales and production data for these rst two years follow. Units Year 1 Year 2 Units produced 52,888 52,888 Units sold 48,888 64,888 b. The company's $33 per unit product cost (for both years) using absorption costing consists ofthe following. Direct materials $ 5 Direct labor 9 Variable overhead 8 Fixed overhead ($588,888!58,888 units) 18 Total product cost per unit $ 33 Required: Prepare a statement to convert variable costing income to absorption costing income for both years. Note: Leave no cells blank - be certain to enter "0" wherever required. Variable costing income 5% 50,000 $ 630,000 Add: Fixed overhead in ending FG inventory 115,440 . 955: Fixed overhead in beginning FG inventory . {115,440} Absorption costing income 5% 155,440 $ 554,560