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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, 000 600, 090 Selling and administrative expenses 285, 000 330,000 Net income $ 15, 000 $ 270,000 Additional Information a. Sales and production data for these first two years follow. 2018 2019 Units produced 30,000 30, 000 Units sold 20,000 40, 000b. 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 2619 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,!!! $336,666 2. Prepare a table as in Exhibit 6.12 to convert variable costing income to absorption costing income for both 2018 and 2019. {Loss amounts should be entered with a minus sign.) wnablemstingincometlosa Absorption costing income (loss) EXHIBIT 6.12 Converting Variable Costing Income to Absorption Costing income 2017 2018 2019 Variable costing income (@ Exhibit 6.10) $580,000 $120,000 $1,040,000 Add: Fixed overhead cost deferred in ending inventory (20,000 x $10) 0 200,000 0 Less: Fixed overhead cost recognized from beginning inventory (20,000 x $10] 0 0 (200,000) Absorption costing income $580,000 $320,000 $ 840,000