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Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow Income Statements (Absorption Costing) Sales (551 per unit) Cost of goods sold (541 per unit) Gross profit Selling and administrative expenses Income Year 1 $ 1,428,000 1.148,00 280,000 234.000 $ 46,000 Year 2 $ 2,652,000 2,132,800 520,000 305.000 $ 214,000 Additional Information a Sales and production data for these first two years follow. Units Units produced Units sold Year 1 40,000 28,000 Year 2 40,000 52.000 b. Variable costs per unit and fixed costs per year are unchanged during these years. The company's 541 per unit product cost using absorption costing consists of the following Direct materials Direct labor Variable overhead Fixed overhead (5400,000/40,000 units) Yotal product cost per unit $ 12 10 4 10 5.41 c. Selling and administrative expenses consist of the following Sen and Administrative Expenses Variable selling and aduinistrative (53 per unit sold) Fixed selling and administrative Total Year $ 84,000 150,000 5.234.000 Year 2 $ 156,000 150.000 5 106,000 Required: Prepare income statements for each of these two years under variable costing (Loss amounts should be entered with a minus sign.) Required: Prepare income statements for each of these two years under variable costing (Loss amounts should be entered with a minus sign.) DOWELL Company Income Statements (Variable Costing) Year 1 Year 2 Income (Loss) Dowell Company produces a single product. Its income statements under absorption costing for its fi Income Statements (Absorption Costing) Sales ($51 per unit) Cost of goods sold ($41 per unit) Gross profit Selling and administrative expenses Income Year 1 $ 1,428,000 1,148,000 280,000 234,000 $ 46,000 Year 2 $ 2,652,900 2,132,000 520,000 306,000 $ 214,000 Additional Information a. Sales and production data for these first two years follow. Units Units produced Units sold Year 1 40,000 28,000 Year 2 40,000 52,000 b. Variable costs per unit and fixed costs per year are unchanged during these years. The company's $41 absorption costing consists of the following Direct materials Direct labor Variable overhead Fixed overhead ($400,000/40,000 units) Total product cost per unit $ 17 10 4 10 $ 41 c. Selling and administrative expenses consist of the following Selling and Administrative Expenses Variable selling and administrative (53 per unit sold) Fixed selling and administrative Total Yean 1 $ 84,00 150.000 $ 234,000 Year 2 5 156.ece 150,000 386,000