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 Sales (546 per unit) Cost of goods sold (631 per unit) Gross margin Selling and administrative expenses Net Income 2016 2017 $1,104,000 $2.024.000 744.000 1.364.000 360,000 660.000 287,000 322,000 73.000$ 338,000 Additional Information a. Sales and production data for these first two years follow, Units produced Unite sold b. Variable cost per unit and total fixed costs are unchanged during 2016 and 2017. The company's $31 per unit product cost consists of the following. Direct naterials Direct labor Variable overhead Fixed overhead ($340,000/34.000 unit Total product cost per unit c. Selling and administrative expenses consist of the following Clapel c. Selling and administrative expenses consist of the following. Part 1 of 2 Variable selling and administrative expenses ($1.75 per Pixed selling and administrative expenses Total selling and administrative expenses . 2016 2017 $ 42,000 $ 77,000 245,000 245,000 $287,000 $322,000 points 1. Complete income statements for the company for each of its first two years under variable costing. (Loss amounts should be entered with a minus sign.) 2017 DOWELL Company Variable Costing Income Statements 2016 Sales Less: Variable costs Direct materials Direct labore Variable overhead Fixed selling and administrative costs Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative costs Net Income foss)