Required information The following information applies to the questions displayed below Dowell Company produces a single product. Its income statemnts under absorption costing for its first two Part 1 of2 years of operation follow. 35 points 2016 2017 Sales ($46 per unit) Cost of goods sold ($31 per unit) Gross margin Selling and administrative expenses Net income $1,104,000 $2,024,000 744,000 1,364,000 360,000 300,000 660,000 350,000 eBook S 60,000 310,000 Print Additional Information References a Sales and production data for these first two years follow. Units produced Units sold 24,000 44,000 34,000 34, 000 b. Viable 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 ($340,000/34,000 10 units) Total product cost per unit $31 c. Selling and administrative expenscs consist of the following. 2016 Variable selling and administrative expenses ($2.5 per unit) Fixed selling and administrative expenses Total selling and administrative expenses S 60,000 $110,000 240,000 240,000 $300,000 $350,000 y for each of its first two years u er variable costing. (Loss amounts 1. Complete income statements should be entered with a minus sign.) for the compan nd LL Company Variable Costing Income Statements 2016 2017 Net income (loss)