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[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 ($44 per unit) Cont of goods sold ($29 per unit) Gross margin Belling and administrative expenses Net Income 2013 91019 $1.012,000 $1,892,000 667,000 247.000 345.000 645.000 291.950 336250 $ $3,250 $ 308,250 Additional Information a. Sales and production data for these first two years follow. Units produced Utasold 2018 33,000 23.000 2019 33,000 43,000 b. Variable cost per unit and total fixed costs are unchanged during 2018 and 2019. The company's $29 per unit product cost consists of the following. Direet materials Diret labor Variable overhead Fixed overhead ($330,000/33.000 units Total product cost per unit $ 6 9 4 10 $29 8 De Variable selling and administrative expenses ($2.25 per unit) Fixed selling and administrative expenses Total selling and administrative expenses 2018 2019 $ 51,750 $ 96,750 240,000 240,000 $291,750 9336,750 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.) 2019 DOWELL Company Variable Costing Income Statements 2018 $ Sales 1,012.000 Los Variable costs Variable overhead 92,000 Variable selling and administrative expenses 51.750 $ 7,892,000 172,000 98,750 143,750 268,750 Total variable costs Contribution margin Loss: Ficed expenses Fixed overhoad Firar allarministratie 330.000 annnn 330,000 anal 2. Prepare a table as in Exhibit 6.12 to convert variable costing income to absorption costing Income for both 2018 and 2019. (Lous amounts should be entered with a minus sign.) DOWELL COMPANY Recenellation of Variable Costing Income to Absorption Costing Income 2018 Variable costing income (loss) 2019 Absorption costing income (los)