Required information The following information applies to the questions displayed below) Dowell Company produces a single product. Its Income statements under absorption costing for its first two years of operation follow 2018 2019 Sales ($44 per unit) $1,056,000 $1,936.000 Cost of goods sold ($29 per unit 696,000 1,275,000 Gross margin 360,000 660,000 Selling and administrative expenses 299,000 344.000 Net income $ 61,000 $316,000 Additional information a. Sales and production data for these first two years follow Units produced Units sold 2018 2019 34,00 34,000 24,600 44,000 b. Variable cost per unit and total feed costs are unchanged during 2018 and 2010. The companys $29 per unit product cost consists of the following $ 5 9 5 Direct materials Direct labor Variable overhead Fixed overhead ($340,000/34.000 units) Total product cost per unit $29 c Selling and administrative expenses consist of the following Variable selling and administrative expenses ($2.25 per unit) Fixed selling and administrative expenses Total selling and administrative expenses 2010 2019 $ 54,00 $ 99.000 245.000 245,00 $299,000 $344.000 1. Prepare income statements for the company for each of its first two years under variable costing Loss amounts should be entered with a minus sign) DOWELL Company Variable Costing Income Statements 2018 2019