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need step by step how to Prepare income statements for each of these two years...

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Accounting

need step by step how to Prepare income statements for each of these two years under variable costing. Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow. Income Statements (Absorption Costing) Year 1 Year 2 Sales ($63 per unit) $ 2,268,000 $ 4,284,000 Cost of goods sold ($51 per unit) 1,836,000 3,468,000 Gross profit 432,000 816,000 Selling and administrative expenses 298,000 394,000 Income $ 134,000 $ 422,000 Additional Information a. Sales and production data for these first two years follow. Units Year 1 Year 2 Units produced 52,000 52,000 Units sold 36,000 68,000 b. Variable costs per unit and fixed costs per year are unchanged during these years. The company's $51 per unit product cost using abso

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