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 2016 2017 Sales ($48 per unit) Cost of goods sold ($33 per unit) Gross margin Selling and administrative expenses Net income $1,152,000 $2,112,000 792,0001,452, 000 660,000 339,000 $ 66,000 321,000 360,000 294,000 Additional Information a. Sales and production data for these first two years follow 2016 34,000 34,000 24,000 44,000 2017 Units produced Units sold