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Required information Problem 06-1A Variable costing income statement and conversion to absorption costing income (two consecutive years) LO P2, P3 [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) Cost of goods sold ($29 per unit) Gross margin Selling and adainistrative expenses Net income 2018 2019 $924,000 $1,804,000 609,000 1,189,000 315,000 615,000 292,500 342,500 $ 22,500 $ 272,500 Additional Information a. Sales and production data for these first two years follow. Units produced Units sold 2010 31,000 21,000 2019 31,000 41,000 b. Variable cost per unit and total fixed costs are unchanged during 2018 and 2019. The companyt $29 per unit product cost consists of the following Direct materials Direct labor Variable overhead Tixed overhead (5310,000/31.000 units) Total product cost per unit 10 $29 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 Direct materials Direct labor Variable overhead Fixed overhead (5310,000/31,000 units) Total product cont per unit $ 5 9 5 10 $29 c. Selling and administrative expenses consist of the following: Variable selling and administrative expenses ($2.5 per unit) Fixed selling and administrative expenses Total selling and administrative expenso 2018 2019 $ 52,500 $102,500 240.000 240,000 $292,500 $342,500 Problem 06-1A Part 1 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.) Answer is not complete DOWELL Company Variable Costing Income Statements 2018 2019 Sales 924,000 1.804,000 Less: Variable costs Variable overhead Variable selling and administrative expenses Variable overhead 105,000 52.500 155,000 205,000 102,500 155,000 312,500 611,500 482,500 1,341,600 Total variable costs Coninbution margin Les Fixed expenses Fixed overhead Fixed voling and administrative couts 310.000 240.000 OS 310,000 240,000 Totalfixed expenses Net income (os) 550,000 550.000 $ 61,500 5 701,500 Problem 06-1A Part 2 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.) DOWELL COMPANY Reconciliation of Variable Costing Income to Absorption Costing Income 2018 2019 Variable costing income (loss) Absorption costing income (loss)