Dowell Company produces a single product. Its income under variable costing for its first two years of operation follow.

Variable Costing Income	Year 1	Year 2
Income	$ 33,000	$ 510,000

Additional Information

1. Sales and production data for these first two years follow.

Units	Year 1	Year 2
Units produced	33,300	33,300
Units sold	23,000	43,600

2. The companys $38 per unit product cost (for both years) using absorption costing consists of the following.

Direct materials	$ 7
Direct labor	11
Variable overhead	10
Fixed overhead ($330,000/33,000 units)	10
Total product cost per unit	$ 38

Required: Prepare a statement to convert variable costing income to absorption costing income for both years. (Leave no cells blank - be certain to enter "0" wherever required.)