[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 ($44 per unit) Cost of goods sold ($29 per unit) Gross margin Selling and administrative expenses Net income $924,000 $1,804,000 609,000 1,189,000 615,000 337,250 $ 22,750 277,750 315,000 292,250 Additional Information a. Sales and production data for these first two years follow 2016 31,000 31,000 21,000 41,000 2017 Units produced Units sold b. Variable cost per unit and total fixed costs are unchanged during 2016 and 2017. The company's $29 per unit product cost consists of the following Direct materials Direct labor Variable overhead Fixed overhead ($310,000/31,000 units) Total product cost per unit $ 5 10 $29 c. Selling and administrative expenses consist of the following. 2016 2017 Variable selling and administrative expenses ($2.25 per unit) Fixed selling and administrative expenses Total selling and administrative expenses 47,250 $ 92,250 245,000 245,000 $292,250 $337,250 Complete income statements for the company for each of its first two years under variable costing. (Loss amounts should be ntered with a minus sign.) DOWELL Company Variable Costing Income Statements 2016 2017 1,804,000! Sales $ 924,000 Less: Variable costs Variable overhead Variable selling and administrative expenses Variable selling and administrative expenses