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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) $880, 000 $1, 760,000 Cost of goods sold ($29 per unit) 580, 000 1, 160, 000 Gross margin 300, 090 600,000 Selling and administrative expenses 285, 090 330, 000 Net income $ 15, 000 $ 270,000Additional information a. Sales and production data for these first two years follow. 2818 2819 Units produced 38,866 38,866 Units sold 26,666 48,866 b. Variable cost per unit and total xed costs are unchanged during 2018 and 2019. The company's $29 per unit product cost consists of the following. Direct materials $ 4 Direct labor 8 Variable overhead 2 Fixed overhead ($366,666/36,666 units) 16 Total product cost per unit $29 c. Selling and administrative expenses consist of the following. 2318 2919 Variable selling and administrative expenses ($2.25 per unit) $ 45,666 $ 96,666 Fixed selling and administrative expenses 246,666 246,666 Total selling and administrative expenses $285,666 $336,666 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.) 2018 2019 Net income (loss)