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 ($46 per unit) Cost of goods sold ($31 per unit) Gross margin Selling and administrative expenses Net income 2016 2017 $1.184.$2.024.299 744,828 1,364, eee 362.899 660,000 299, eee 344.ee 61.99 $ 316.99 Additional Information a. Sales and production data for these first two years follow. Units produced Units sold 2016 34,088 24, Bea 2017 34.000 44.000 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 materials Direct labor Variable overhead Fixed overhead ($340,000/34,800 units) Total product cost per unit 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 2016 2017 $ 54,800 $ 99,820 245, eee 245, eee $299, eee $344, eee . Complete income statements for the company for each of its first two years under variable costing. (Loss amounts should be entered with a minus slgn.) 2017 DOWELL Company Variable Costing Income Statements 2016 Sales Less: Variable costs Variable overhead 504.000 Variable selling and administrative expenses 54.000 1.104.000 S 2.024.000 924.000 99.000 Total variable costs 558,000 1,023,000 Net income (loss)