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Trez Company began operations this year. During this year, the company produced 100,000 units and sold 80,000 units. The absorption costing income statement for this year follows. Income Statement (Absorption Costing) Sales 180,000 units X $50 per unit) $4,000,000 Cost of goods sold 2,400,000 Gross profit 1,600,000 Selling and administrative expenses 490,000 $1,110,000 Additional Information a. Selling and administrative expenses consist of $350,000 in annual fixed expenses and $1.75 per unit in variable selling and administrative expenses. b. The company's product cost of $30 per unit consists of the following Income Direct materials Direct labor Variable overhead Fixed overhead ($900,000 / 100,000 units) $ 4 per unit $ 14 per unit $3 per unit S per unit Required: Prepare an income statement for the company under variable costing. TREZ Company Income Statement (Variable Costing) Dowell Company produces a single product. its income statements under absorption costing for its first two years of operation follow. Income Statements (horption Coming Sales ($46 per unit) Cost of goods sold (531 per unit) Grous profit Selling and administrative expenses Theone Yon 1 $ 320,000 620,000 300,000 170.000 $ 130,000 Year 2 $ 1,840,000 1,240,000 600,000 220.000 $380,000 Additional Information a. Sales and production data for these first two years follow Unite Units produced URL old YE 30,000 20.000 Year 30,000 40.000 b. Variable costs per unit and fixed costs per year are unchanged during these years. The company's 531 per unit product cost using absorption costing consists of the following 35 Diret materials Direct labor Variable overhead Fixed overhead (6300,000/30.000 Total product cont per 2 10 531 c. Selling and administrative expenses consist of the following Selling and Administrative Expenses Variable selling and administrative ($2.50 per unit old) Fixed rolling and administrative Total Yaar 1 $ 50,000 120,000 $ 170,000 Year 2 $ 100,000 120.000 $ 220,000 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)