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 $ 47,000 Year 2 $ 650,000 a. Sales and production data for these first two years follow. Units Units produced Units sold Year 1 48,700 37,000 Year 21 48,700 60,400 b. The company's $37 per unit product cost (for both years) using absorption costing consists of the following. Direct materials Direct labor Variable overbead Fixed overhead ($470,000/47,000 units) Total product cost per unit Required: $ 7 11 9 10 $37 Prepare a statement to convert variable costing income to absorption costing income for both years. Note: 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 $ 47,000 $ 650,000 Add: Fixed overhead in beginning FG inventory Less: Fixed overhead in beginning FG Inventory Absorption costing income