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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 $ 32,000 $ 500,000 Additional Information a. Sales and production data for these first two years follow. Units Units produced Units sold Year 1 32,200 22,000 Year 2 32,200 42,400 b. The company's $31 per unit product cost (for both years) using absorption costing consists of the following Direct materials Direct labor Variable overhead Fixed overhead (5320,000/32,000 units) Total product cost per unit 55 9 7 10 5 31 Required: Prepare a statement to convert variable costing income to absorption costing income for both years. (Leave no cells blank - be certain to enter "o" wherever required.) 5 Year 2 500,000 Dowell Company Convert Variable Costing Income to Absorption Costing Income Year 1 Variable costing income $ 32,000 $ Add: Fixed overhead in ending FG inventory Less: Fixed overhead in beginning FG inventory Absorption costing income