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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 Costine Year a Year 2 Sales ($46 per unit) $ 920,000 Cost of goods sold ($31 per unit) $1,840,000 620,000 1.240,000 Gross profit 300,000 600,000 Selling and administrative expenses 170,000 220,000 Income $ 130,000 $ 380,000 Additional Information o. Sales and production data for these first two years follow. Units Units produced Units sold Year 1 30,000 20,000 Year 2 30,000 40.000 b. Variable costs per unit and fixed costs per year are unchanged during these years. The company's $31 per unit product cost using absorption costing consists of the following $5 Direct materials Direct labor Variable overhead Fixed overhead ($300,000/30,000 units) Total product cost per unit 7 10 $31 c. Selling and administrative expenses consist of the following seling and Administrative Expenses Variable selling and administrative ($2.50 per unit sold) Fixed selling and administrative Total Year 1 $ 50,000 120, NO $ 120,000 Year 2 $ 100,000 120,000 $ 220,000 Required: Prepare income statements for each of these two years under variable costing, (Loss omounts should be entered with a minus sign.) DOWELL Company Income Statements (Variable Costing) Year 1 Year 2 Sales $ 920,000 $1,840,000 Less Variable expenses Variable cost of goods sold (630,000) (630,000) Variable selling and administrative expenses (50,000) (50,000) Sales 240,000 1,110,000 X X > Plus Fixed expenses Fixed overhead Fixed selling and administrative expenses (300,000) (120,000) (300,000) (120,000) Income (Loss) S (180,000) $ 690,000 X